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Wednesday, 9 August 2017

Ageas reports 6M 2017 result

Ageas    

Published: 07:30 CEST 09-08-2017 /GlobeNewswire /Source: Ageas / : AGS /ISIN: BE0974264930

Ageas reports 6M 2017 result

 

Very strong first half-year

 

6M 2017

 

Net Result

  • The Insurance net result increased by 12% to EUR 445 million from EUR 396 million excluding the in 2016 divested Hong Kong operations. Including Hong Kong, last year's Insurance net result amounted to EUR 608 million
  • General Account net result of EUR 161 million negative versus EUR 675 million negative
  • Group net result improved to EUR 284 million from EUR 67 million negative

Inflows

  • Group inflows (at 100%) at EUR 20.5 billion, up 12% (including 2% negative foreign exchange impact)
    Group inflows (Ageas's part) at EUR 8.2 billion, up 4% (including 2% negative foreign exchange impact)
  • Life inflows up 14% to EUR 17.2 billion and Non-Life inflows down 2% to EUR 3.3 billion (both at 100%)

Operating
Performance

  • Combined ratio at 95.9% versus 99.0%
  • Operating Margin Guaranteed at 114 bps versus 108 bps
  • Operating Margin Unit-Linked at 25 bps versus 28 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 9.0 billion or EUR 44.53 per share versus EUR 9.6 billion or EUR 46.56 per share end 2016
  • Insurance Solvency II ageas ratio at 193% and Group Solvency IIageas ratio at 198%
  • General Account Total Liquid Assets at EUR 1.7 billion versus EUR 1.9 billion at the end of 2016

 

 

Q2 2017

 

Belgium

  • Excellent start to the year reflected in an outstanding second quarter combined ratio

UK

  • Ogden discount rate review continued to affect the net result as anticipated

Continental
Europe

  • Continued solid performance across all countries

Asia

  • Strong results driven by sustained growth in gross inflows

All 6M 2017 figures are compared to the 6M 2016 figures unless otherwise stated.

 

Ageas CEO Bart De Smet said: "Ageas delivered a strong set of first half-year figures evidencing good progress with respect to our Ambition 2018 strategic plan. Life inflows continued to grow while at the same time we optimised the product mix in Belgium and Asia. The result of our Life activities remained strong in all segments. The Non-Life businesses in Belgium and Continental Europe realised excellent results which were reflected in outstanding combined ratios. In the UK we continued to closely monitor the plans to strengthen the business in response to among others the impact of the recent Ogden rate adjustment.

 

The group's financial position remained solid with a solvency ratio well above our target as a result of a healthy operational free capital generation and favourable market conditions.

 

In this context, the Ageas Board of Directors has decided to continue the buy-back of shares by launching a new programme of EUR 200 million. In the past 6 years we have bought back an equivalent of 22% of the shares outstanding, which has led to a 28% increase of our earnings and dividends per share."




Read the full press release



This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: Ageas, Rue du Marquis - Markiesstraat 1, Brussels 1000, Belgium
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