Strong performance of our insurance activities
- Insurance net profit of EUR 155 million, +15%;
- Life net result at EUR 126 million (+19%)
- Non-Life net result at EUR 26 million (+5%); Group combined ratio at 101.9% vs.101.5%
- Group inflows at EUR 5.7 billion, +17%;
- Life inflows at EUR 4.1 billion, +14%
- Non-Life inflows at EUR 1.6 billion, +27%
- Life Funds under management scope-on-scope at EUR 65.6 billion, up 2% vs. end 2011;
Group net result at EUR 84 million negative, mainly impacted by legacies
- General Account net loss of EUR 239 million, of which EUR 213 million related to legacies and including the impact of the transaction with BNP Paribas;
Shareholders' equity up, solvency strong and stable
- Shareholders' equity at EUR 8.3 billion, EUR 3.48 per share, +8% vs. end 2011;
- Insurance solvency at 207%; Group solvency ratio at 237%; available capital EUR 5.1 billion above the minimum requirements; net cash position of EUR 1.3 billion ;
- Net exposure to Southern European sovereigns at EUR 2.3 billion, down by EUR 0.7 billion vs. end 2011.
CEO Bart De Smet said:
"Our insurance activities have started well in 2012, with improved inflows and profits in nearly all segments of our activities, especially in Asia where we, for the first time, passed the EUR 2 billion per quarter inflow level. The main exception to this generally improved picture is the result of Fire in Belgium, which was impacted by a severe storm in January.
By reaching an agreement with BNP Paribas on the RPN(I) and the Tier 1 Instrument, we made additional progress in solving the outstanding legacies. We also announced initiatives to further simplify our legal structure. We received a number of court decisions related to various legal procedures and will appeal those we disagree with.
While giving the required attention to the legacy issues, we remain focused on our operational priorities so that we will continue to strengthen Ageas' position as a solid international insurance company. The operational results of the first quarter show that we are indeed on the right path. We expect inflows levels for 2012 to outperform 2011."
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Ageas via Thomson Reuters ONE
