Ageas reports 6M 2018 result

• Major milestones reached
• Operational performance on track

6M 2018
Net Result	Insurance net result up 7% to EUR 475 million versus EUR 445 million General Account net result of EUR 34 million negative versus EUR 161 million negative Group net result at EUR 441 million versus EUR 284 million
Inflows	Group inflows (at 100%) at EUR 20.1 billion, or -2% (including 3% negative foreign exchange impact) thanks to a strong second quarter in Belgium and Asia Group inflows (Ageas's part) at EUR 8 billion, or -2% (including 2% negative foreign exchange impact) Life inflows down 1% to EUR 17.0 billion and Non-Life down 4% at EUR 3.1 billion following the sale of Cargeas (both at 100%)
Operating Performance	Combined ratio at 97.8% versus 95.9% despite bad weather in Belgium and the UK Operating Margin Guaranteed at 110 bps versus 114 bps Operating Margin Unit-Linked at 28 bps versus 25 bps Life Technical Liabilities of the consolidated entities stable at EUR 74.1 billion
Balance Sheet	Shareholders' equity at EUR 9.3 billion or EUR 47.29 per share Insurance Solvency II ageas ratio at 202% and Group Solvency IIageas ratio at 211% General Account Total Liquid Assets at EUR 1.8 billion
Belgium	Life inflows returning to growth and Non-Life outperforming the market. Strong net results affected by adverse weather
UK	Continued improved performance
Continental Europe	Strong scope-on scope Non-Life performance. Decrease in Life inflows
Asia	Second quarter marked by recovery of inflow growth and equity markets impacting results

All 6M 2018 figures are compared to the 6M 2017 figures unless otherwise stated.

Ageas CEO Bart De Smet said:"Over the past six months we have achieved major milestones that will shape the future of Ageas. The Fortis settlement has been declared binding, the put option granted to BNP Fortis Bank expired, and the Group received authorisation from the regulator to operate reinsurance activities. As for the business, we witnessed a commercial turnaround in Asia in particular in China, a return to growth in Life inflows and an outperformance of the market in Non-Life in Belgium, the integration of Portugal on schedule, and a good recovery in the UK. The solid Non-Life operating performance across all businesses and a very strong Life result allowed us to deliver a strong insurance net result. The Group's solid financial position and our confidence in our capital generating capacity, led to the decision by the Ageas Board of Directors to continue the buy-back of shares through a new programme of EUR 200 million."

Read the full press release (http://hugin.info/134212/R/2209743/859998.pdf)

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Source: Ageas via Globenewswire