Ageas reports on interim results
August 07 2019 - 1:30AM
Ageas reports on interim results
- Solid six months results supported by a strong second
quarter
- Second quarter net result marked by a solid Non-Life
performance supplemented by exceptional items in Asia and the
UK
- 9th consecutive buy-back programme launched
|
Net Result |
- Six months net result stood at EUR 606
million versus EUR 441 million. Good start to the year
continued
- Q2 net result of EUR 355 million versus EUR
194 million
- Q2 Life net result more than doubled from EUR
121 million to EUR 262 million as a result of an
exceptional result in Asia Net result in Non-Life
up 48% from EUR 55 million to EUR 81 million
driven by strong performances in Belgium and Portugal and by the
Ogden release in the UK
|
Inflows |
- Six months Group inflows (at 100%) of
EUR 21 billion, up 11%, excluding Luxembourg
- Q2 Group inflows (at 100%) of EUR 8.2 billion,
up 7%, excluding Luxembourg Life inflows up 5%
scope-on-scope to EUR 6.6 billion and Non-Life up
13% at EUR 1.6 billion (both at 100%)
- Q2 Group inflows (Ageas’s part) up 4% at EUR 3.5 billion,
excluding Luxembourg
|
Operating Performance |
- Combined ratio at 95.7% versus 97.8%
- Operating Margin Guaranteed at 79 bps versus
110 bps due to timing difference in the investment income Operating
Margin Unit-Linked at 22 bps versus 28 bps
|
Balance Sheet |
- Shareholders’ equity at EUR 10.2 billion or
EUR 53.07 per share
- Group Solvency IIageas ratio at 201% including
the benefit from the new debt issue
- General Account Total Liquid Assets at EUR 1.7
billion, of which EUR 0.6 billion is ring-fenced for the
Fortis settlement
- Life Technical Liabilities excluding shadow accounting of the
consolidated entities at 30 June increased by 3% to
EUR 73.9 billion
|
A complete overview of the figures can be viewed on the Ageas
website.
Ageas CEO Bart De Smet said: «
Ageas achieved its best half-year result ever. This was thanks to a
strong performance in Life and Non-Life, an exceptional result in
Asia and the positive impact of the Ogden interest rate review in
the UK. With the exception of the UK, where we exited
underperforming schemes and maintained our strict pricing policy,
inflows at six months continued to progress. Given the Group’s
strong solvency and cash position, the Ageas Board has decided to
launch the ninth consecutive share buyback programme. On the 28th
of July the claims filing period for the Fortis settlement ended.
Against the backdrop of an enormous number of claims filed, claims
processing and initial payments remain ongoing. We are satisfied
with the progress that has been made so far and look forward to
being able to close this chapter in the interest of the claimaints,
Ageas and its stakeholders.»
- Read the full press release
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