Quarterly result marked by strong operating performance in most businesses combined with strong investment results
Net Result
Nine months net result stood at EUR 877 million versus EUR 656 million thanks to the Asian Life business and the strong Non-Life performance in Belgium and Continental Europe. The revaluation of the RPN(i) liability had a EUR 106 million positive impact on the year-to-date Group net result.
Q3 net result significantly up from EUR 214 million to EUR 271 million
Q3 Life net result doubled from EUR 90 million to EUR 182 million driven by Belgium and Asia Net result in Non-Life fell from EUR 99 million to EUR 86 million mainly due to the challenging UK Motor market
Inflows
Nine months Group inflows (at 100%) of EUR 28.5 billion, up 11%, scope-on-scope
Q3 Group inflows (at 100%) of EUR 7.5 billion, up 13%, scope-on-scope Life inflows up 14% to EUR 5.9 billion and Non-Life up 9% at EUR 1.7 billion (both at 100% and scope-on-scope)
Q3 Group inflows (Ageas’s part) up 2% at EUR 3.2 billion, scope-on-scope
Operating Performance (at nine months)
Combined ratio at 94.7% versus 95.1%
Operating Margin Guaranteed at 81 bps versus 93 bps but on track to reach target range of 85 bps to 95 bps
Operating Margin Unit-Linked stable at 26 bps
Balance Sheet
Shareholders’ equity at EUR 11.2 billion or EUR 58.58 per share
Group Solvency IIageas ratio at 199% despite the continuing decrease in yield curve
General Account Total Liquid Assets at EUR 1.6 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 September increased by 2% to EUR 73.2 billion
A complete overview of the figures can be viewed on the Ageas website.
Ageas CEO Bart De Smet said: « We delivered another solid operating performance this quarter. The net result continued to benefit from our strict Asset Liability Management in our European operations and the prudent valuation methodology of our assets. Thanks to the positive impact of the Chinese equity markets in the third quarter, we were able to realise important capital gains. We are equally very satisfied with the strong increase in inflows achieved in most segments this quarter and since the beginning of the year.»
ageas SA/NV is an international insurance group with almost 200 years of experience and know-how. The group offers individuals and professional clients life and non-life insurance products designed to meet their specific needs now and in the future. Ranked among the leading insurance groups in Europe, ageas SA/NV mainly operates in Europe and Asia, which together represent a major part of the global insurance market. It carries out successful insurance activities in Belgium, the United Kingdom, Luxembourg, France, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam and the Philippines through a combination of wholly-owned subsidiaries and long-term partnerships with strong financial institutions and key distributors.