Group inflows (at 100%) rose 17%
Continued strong operating performance in Non-Life
Life results impacted by lower capital gains and by equity impairments in Q3
9 Months 2015 |
Profit | Insurance net profit up by 6% to EUR 613 million, with Asia and Non-Life business as main contributors, further supported by positive foreign exchange rates Life net profit impacted by impairments as a result of turbulent equity markets in the 3rd quarter and lower capital gains year to date Group net profit at EUR 599 million; General Account net result of EUR 14 million negative
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Inflows | Group inflows (at 100%) at EUR 22.8 billion, up 17% (11% positive foreign exchange impact) Group inflows (Ageas's part) grew 11% to EUR 10.4 billion (8% positive foreign exchange impact) Life inflows up 21% to EUR 17.9 billion and Non-Life up 5% to EUR 4.8 billion (both at 100%)
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Operating Performance | Combined ratio improved to 95.1 % versus 99.6% supported by all consolidated entities Operating Margin Guaranteed at 80 bps versus 98 bps Life Technical Liabilities of consolidated entities at EUR 73.6 billion (- 2% vs. the end of 2014)
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Balance Sheet | Shareholders' equity up to EUR 10.9 billion or EUR 51.12 per share Insurance solvency I ratio at 231% and Group solvency at 232% General Account net cash position at EUR 1.4 billion
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Belgium | |
UK | |
Continental Europe | |
Asia | |
Q3 2015 | Insurance net profit at EUR 109 million, down 54% compared to Q3 2014 due to lower realised capital gains and a EUR 62 million net impact from impairments on equities as announced on 21 October 2015 Group net profit at EUR 130 million
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All 9 months 2015 figures are compared to the 9 months 2014 figures unless otherwise stated.
Ageas CEO Bart De Smet said: "Ageas's nine months figures confirmed continued growth in inflows, mainly driven by the Asian Life business. In Non-Life we achieved for a third quarter in a row a strong operational result leading to a significant improvement in the Group combined ratio. Lower investment results due to reduced levels of realised capital gains and equity impairments in the third quarter impacted our Life performance and consequently the Group net insurance result.
Taking out the volatility due to exceptional items from the last two quarters, the Group's nine-month financial performance remains strong."
Pdf version of the press release:
http://hugin.info/134212/R/1963947/716731.pdf
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Source: Ageas via Globenewswire
HUG#1963947