Regulated Information - Ageas 9 month results 2014

Ageas posts strong third quarter Insurance resultsInsurance net profit of
EUR 579 million
(vs. EUR 497 million)
EUR 239 million
in the third quarter
(vs. EUR 168 million)

 Life net profit at EUR 442 million (vs. EUR 311 million); third quarter net result up 42% benefiting from  higher financial result in China and real estate transactions in Belgium.

 

Non-Life & Other Insurance net profit at EUR 137 million (vs. EUR 186 million); third quarter net profit of EUR 83 million marked by very good operational performance.

 

Group inflows (at 100%) up 10% to EUR 19.5 billion, largely driven by Life inflows in Asia and Continental Europe
- Life inflows at EUR 14.8 billion, +12%
- Non-Life inflows at EUR 4.6 billion, +3%

 

Group inflows (Ageas's part) at EUR9.3 billion, + 6%.

 

Group combined ratio at 99.6% (vs. 97.0%); third quarter combined ratio at 94.8%.

 

Life Technical Liabilities of consolidated entitiesat EUR72.7 billion, vs. EUR 69.2 billion at the end of 2013. Group net profit of
EUR 282 million
(vs. EUR 513 million)
EUR 251 million
in the third quarter
(vs. EUR 41 million)General Account net loss of EUR297 million (vs. a net profit of EUR 15 million); both results driven by legacies. Positive third quarter net result with favourable evolution RPN(I) liability. Shareholders' equity per share at EUR 44.75
(vs. EUR 37.65
at the end of 2013)

 Shareholders' equity of EUR 9.9 billion or EUR 44.75 per share (vs. EUR 8.5 billion at the end of 2013 or EUR 37.65 per share), driven by further increasing unrealised gains on the fixed income portfolio, the  Group net profit and a positive currency impact.

 

Insurance solvency at 214% (vs. 207% at the end of 2013); Group solvency ratio at 206%
(vs. 214% at the end of 2013).

 

General Account net cash position at EUR 1.5 billion (vs. EUR 1.9 billion at the end of 2013).

  CEO Bart De Smet said: "Following a solid second quarter with important strategic moves which were overshadowed by litigation developments, we are pleased to report that the third quarter Insurance net results moved up substantially. The excellent results for both the Life and Non-Life activities reflect a solid underwriting performance, even after taking into account seasonal factors, reinforced by strong financial results in Belgium and China and lower income tax expenses. Our combined ratio year-to-date in Non-Life returned below 100% benefiting from a very favourable third quarter.
Our shareholders' equity is at the highest level since October 2008, mainly due to a further increase in unrealised gains on the fixed income portfolio but also reflecting a solid Group net result and positive currency impact. And finally we have started to execute diligently the fourth share buy-back programme launched in August." 
             
Full version of the press release


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Source: Ageas via Globenewswire
HUG#1868636