06.11.2019 07:30:00

Ageas reports on Q3 results

  • Solid year-to-date result
  • Quarterly result marked by strong operating performance in most businesses combined with strong investment results
 
Net Result
  • Nine months net result stood at EUR 877 million versus EUR 656 million thanks to the Asian Life business and the strong Non-Life performance in Belgium and Continental Europe.
    The revaluation of the RPN(i) liability had a EUR 106 million positive impact on the year-to-date Group net result.
  • Q3 net result significantly up from EUR 214 million to EUR 271 million
  • Q3 Life net result doubled from EUR 90 million to EUR 182 million driven by Belgium and Asia
    Net result in Non-Life fell from EUR 99 million to EUR 86 million mainly due to the challenging UK Motor market
Inflows
  • Nine months Group inflows (at 100%) of EUR 28.5 billion, up 11%, scope-on-scope
  • Q3 Group inflows (at 100%) of EUR 7.5 billion, up 13%, scope-on-scope
    Life inflows up 14% to EUR 5.9 billion and Non-Life up 9% at EUR 1.7 billion (both at 100% and scope-on-scope)
  • Q3 Group inflows (Ageas’s part) up 2% at EUR 3.2 billion, scope-on-scope
Operating
Performance
(at nine months)
  • Combined ratio at 94.7% versus 95.1%
  • Operating Margin Guaranteed at 81 bps versus 93 bps but on track to reach target range of 85 bps to 95 bps
  • Operating Margin Unit-Linked stable at 26 bps
Balance Sheet
  • Shareholders’ equity at EUR 11.2 billion or EUR 58.58 per share
  • Group Solvency IIageas ratio at 199% despite the continuing decrease in yield curve
  • General Account Total Liquid Assets at EUR 1.6 billion, of which EUR 0.6 billion is ring-fenced for the Fortis settlement
  • Life Technical Liabilities excluding shadow accounting of the consolidated entities at 30 September increased by 2% to EUR 73.2 billion

A complete overview of the figures can be viewed on the Ageas website.

Ageas CEO Bart De Smet said: « We delivered another solid operating performance this quarter. The net result continued to benefit from our strict Asset Liability Management in our European operations and the prudent valuation methodology of our assets.
Thanks to the positive impact of the Chinese equity markets in the third quarter, we were able to realise important capital gains. We are equally very satisfied with the strong increase in inflows achieved in most segments this quarter and since the beginning of the year.»


 

 

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