Ageas: Ageas reports 9M 2017 result

Continued excellent operating performance

9M 2017
Net Result	The Insurance net result increased by 16% to EUR 686 million from EUR 591 million (excluding the Hong Kong operations, which were divested in 2016). Including Hong Kong, last year's Insurance net result amounted to EUR 803 million General Account net result of EUR 326 million negative versus EUR 686 million negative Group net result improved to EUR 360 million from EUR 118 million
Inflows	Group inflows (at 100%) at EUR 27.1 billion, up 10% (including 3% negative foreign exchange impact) Group inflows (Ageas's part) at EUR 11.2 billion, up 3% (including 2% negative foreign exchange impact) Life inflows up 13% to EUR 22.4 billion and Non-Life inflows down 2% to EUR 4.7 billion (both at 100%)
Operating Performance	Combined ratio at 94.9% versus 97.0% Operating Margin Guaranteed at 106 bps versus 97 bps Operating Margin Unit-Linked at 26 bps versus 21 bps Life Technical Liabilities of the consolidated entities at EUR 74.2 billion and stable compared to the end of 2016
Balance Sheet	Shareholders' equity at EUR 9.2 billion or EUR 46.02 per share versus EUR 9.6 billion or EUR 46.56 per share end 2016 Insurance Solvency II ageas ratio at 194% and Group Solvency IIageas ratio at 193% General Account Total Liquid Assets at EUR 1.7 billion versus EUR 1.9 billion at the end of 2016
Q3 2017
Belgium	Sustained excellent operating performance
UK	Improved third quarter results in a difficult post-Ogden market
Continental Europe	Outstanding performance across the business, especially in Portugal
Asia	Growth in new business and renewal premiums remained good and continued to drive results across the region
General Account	Additional provision of EUR 100 million for the potential Fortis settlement

All 9M 2017 figures are compared to the 9M 2016 figures unless otherwise stated.

Ageas CEO Bart De Smet said: "We are very satisfied with the strong nine-month and third quarter results. The results show that we are delivering against the promises in our Ambition 2018 strategic plan. The combined ratio, margins in guaranteed Life, return on equity and solvency all exceed our targets.

The strong results are driven by an excellent operating performance across all segments, both in Life and Non-Life. In the UK, the results are still affected - as forecast - by the residual impact of the Ogden discount review, but we see an improved performance in the third quarter as a first result of our restructuring plan.

We also see an increase in innovative products and services across all operating companies in the Group, where digitisation and a continued strong focus on the customer play a dominant role.

With regard to the potential Fortis settlement, Ageas took an additional provision of EUR 100 million which allows us to address the Amsterdam Court of Appeal's main concerns on the initial proposal. In the meantime the Court has extended the filing period by eight weeks, providing us with an opportunity to continue to work on an amended and balanced agreement together with all parties until 12 December 2017."

Read the full press release (http://hugin.info/134212/R/2148013/823930.pdf)

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Source: Ageas via Globenewswire