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12.02.2015 07:31:45
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Regulated Information - Ageas 2014 Results
| Ageas reports 13% higher Insurance profit and proposes dividend increase to EUR 1.55 | |
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Insurance net profit of EUR 737 million, up 13%; fourth quarter at EUR 158 million (vs. EUR 157 million) |
Life net profit at EUR 533 million (vs. EUR 438 million), mainly driven by Belgium and Asia; fourth quarter net profit down to EUR 92 million (vs. EUR 126 million) due to lower capital gains in Belgium. Non-Life & Other Insurance net profit at EUR 204 million (vs. EUR 217 million), notwithstanding adverse weather events in the first half of the year; fourth quarter net profit at EUR 66 million (vs. EUR 30 million) with solid performance across all segments. Group inflows (at 100%) at EUR 25.8billion, up 11%, largely driven by growth in Asia (+21%); - Life inflows at EUR 19.7 billion, +14% - Non-Life inflows at EUR 6.0 billion, +3% - Fourth quarter Group inflows at EUR 6.3 billion, +16% Group inflows (Ageas's part) at EUR 12.5 billion, +7%. Group combined ratio at 99.6% (vs. 98.3%); fourth quarter at 99.8% (vs. 102.3%). Life Technical Liabilities of consolidated entities at EUR 74.8billion, up 8% vs. the end of 2013. Return on Equity - Insurance at 8.8% (vs. 8.3%); excluding unrealised gains & losses at 11.4% (vs. 10.4%) |
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Group net profit of EUR 476 million, down 16%; fourth quarter at EUR 194 million (vs. EUR 57 million) | General Account net loss of EUR 261 million (vs. a net loss of EUR 85 million), mainly affected by the increase in the RPN(I) liability and the provision following the FortisEffect judgment; fourth quarter General Account net profit of EUR 36 million (vs. a net loss of EUR 100 million) driven by a decrease in the RPN(I) liability. |
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Balance sheet remains strong |
Shareholders' equity at EUR 10.2 billion (vs. EUR 8.5 billion), EUR 46.60 per share (vs. EUR 37.65 per share), mainly driven by increased unrealised gains on the fixed income portfolio. Insurance solvency ratio at 206% and Group solvency at 210%. General Account net cash position of EUR 1.6 billion (vs. EUR 1.9 billion at the end of 2013). |
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Proposed gross cash dividend | Proposed 2014 gross cash dividend of EUR 1.55 per share, +11%. |
| CEO Bart De Smet said: "In 2014, we have delivered a strong insurance performance with a solid rise in inflows, driven primarily by Asia, and a double digit growth in net profit. The disciplined approach of our operating companies towards the upstreaming of cash and further optimisation of our capital structure have also resulted in solid cash flows at Group level. At the same time, through our Non-Life acquisitions in Italy and Portugal and the disposal of our UK Life activities, we made further progress towards our strategic objectives of increasing Non-Life inflows and improving our Return on Equity. We continue to take many initiatives with our partners to structurally improve the profitability of our businesses through the use of new technologies and through innovative commercial approaches that add value to the customer experience. Following the strong performance of our insurance activities and in line with our dividend policy the Board of Directors will propose to the shareholders a 11% increase in the gross cash dividend to EUR 1.55 per share." | |
This announcement is distributed by Nasdaq OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Ageas via Globenewswire
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Ageas via Globenewswire
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