Very strong Insurance results supported by exceptional results in China
Solid operating performance across all segments
Q1 2018
Net Result
Insurance net result up 35% to EUR 299 million versus EUR 222 million
General Account net result of EUR 52 million negative versus EUR 112 million negative
Group net result at EUR 248 million versus EUR 110 million
Inflows
Group inflows (at 100%) at EUR 11.9 billion, or -6% (including 4% negative foreign exchange impact) Group inflows (Ageas`s part) at EUR 4.5 billion, or -5% (including 4% negative foreign exchange impact)
Life inflows down 7% to EUR 10.1 billion and Non-Life down 3% at EUR 1.7 billion (both at 100%)
Operating Performance
Combined ratio at 98.8% versus 98.3%
Operating Margin Guaranteed at 137 bps versus 124 bps
Operating Margin Unit-Linked at 32 bps versus 33 bps
Life Technical Liabilities of the consolidated entities at EUR 74.3 billion slightly lower compared to the end of 2017
Balance Sheet
Shareholders` equity at EUR 9.9 billion or EUR 49.91 per share vs EUR 9.6 billion or EUR 48.30 per share end 2017
Insurance Solvency II ageas ratio at 196% and Group Solvency IIageas ratio at 195%
General Account Total Liquid Assets at EUR 1.7 billion versus EUR 1.8 billion at the end of 2017
Belgium
Strong growth in inflows both in Life and Non-Life. Excellent net result notwithstanding adverse weather
UK
Disciplined strategy execution translates into lower inflows and improved net result despite adverse weather
Continental Europe
Good performance scope-on-scope with strong increase in inflows and net profit up on excellent Non-Life result
Asia
Lower inflows mainly due to anticipated decrease of single premium contracts in China Very strong net result driven by a high first quarter result in China, supported by some exceptional elements
All Q1 2018 figures are compared to the Q1 2017 figures unless otherwise stated.
Ageas CEO Bart De Smet said: "Continuing the outstanding 2017 results, we are pleased that both our Life and Non-Life businesses have once again delivered a solid performance which resulted in a good first quarter operating result despite the impact of adverse weather in Belgium and in the UK. This, combined with an exceptionally high contribution from China, allows us to report a very strong first quarter Insurance net result. While inflows decreased slightly this is compensated by an improvement in terms of quality. In China this was as a consequence of regulatory changes which led to a move away from high volumes of short term single premium business towards regular premium products and in the UK, it is was because of our deliberate choice to opt for profitability over volumes. In Belgium however we witnessed a renewed growth in inflows in both Life and Non-Life."
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Ageas via GlobeNewswire HUG#2193032
