Ageas reports on third quarter results 2020
November 13 2020 - 1:30AM
Ageas reports on third quarter results 2020
Ageas reports on third quarter results
2020
- Third consecutive strong quarterly net result, driven by an
excellent Non-Life
- Solid underlying operating performance both in Life and
Non-Life for the quarter, mitigating specific impairments in
Asia
- Solvency position up and well above the target level
|
Net Result |
- The nine month Group net result stood at
EUR 994 million, to a large extent supported by
the positive result of the General account following the gain on
the FRESH transactions
- Net result in Non-Life (including Reinsurance)
grew significantly to EUR 311 million thanks to a
strong performance across all segments and a lower claims
frequency compensating for the impact of the adverse weather in
Belgium and UK
- Life net result of EUR 426
million affected by Covid-19 related impact on the
investment result
- Third quarter Group net
result stood at EUR 203 million thanks to
the excellent Life and Non-Life operating performance partly offset
by impairments in Asia and lower recurring investment income
|
Inflows |
- Nine months Group inflows (at 100%) down 2% to
EUR 27.9 billion
- Life inflows (at 100%) down 3% to EUR
22.8 billion due to reduced Guaranteed bancassurance
activity in Europe
- Non-Life inflows (at 100%) were up 1 % at
EUR 5.1 billion
- Third quarter Group inflows (at 100%) up 4% to
EUR 7.8 billion thanks to growth across most
regions
|
Operating Performance |
- Combined ratio at 90 % supported by lower
claims frequency
- Operating Margin Guaranteed at 79 bps
supported by a strong third quarter
- Operating Margin Unit-Linked at 28 bps
|
Balance Sheet |
- Shareholders’ equity at EUR 11.3 billion or
EUR 60.18 per share
- Group Solvency IIageas ratio remained strong at
194%
- General Account Total Liquid Assets as at 30 September 2020 at
EUR 1.5 billion, of which EUR 0.4 billion is
ring-fenced for the Fortis settlement
- Life Technical Liabilities excluding shadow accounting of the
consolidated entities decreased by 1% compared to end 2019 to
EUR 72.7 billion
|
A complete overview of the figures can be viewed on the Ageas
website. Key figures and main highlights on the segments can be
found in the Annexes of this press release
Ageas CEO Hans De Cuyper said:
“I am very pleased that even in these persistently challenging
times caused by the pandemic, our activities continue to show
strong resilience. The third quarter saw inflows increase in most
segments and an improved underlying operational performance in both
Life and Non-Life. Specific impairments on equity in Asia and lower
recurring investment income from dividends and real estate revenues
resulted in slightly lower insurance net profits. Year-to-date
profits as well as our solvency and cash position remain strong.
Consequently, and assuming no material impact from the financial
markets in the last weeks of the year, we remain confident that we
will be able to achieve a result close to our initial guidance. I
want to thank all our employees and partners for their commitment
in helping all our customers and engagement towards society through
these exceptional times.”
- Read the full press release
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