• Belgian and Asian Life business driving growth of Inflows
  • Strong operating performance in all segments
  • Group net result reflecting impact of Fortis settlement agreement
1st quarter 2016            
Net Result
  • Insurance net profit stable at EUR 201 million versus EUR 198 million
  • General Account net result of EUR 834 million negative as a result of the provision for the Fortis settlement agreement announced 14 March 2016
  • Group net result at EUR 633 million negative versus EUR 241 million positive
Inflows
  • Group inflows (at 100%) at EUR 11.1 billion, up 11% (including 3% negative foreign exchange impact) - Group inflows (Ageas's part) grew 9% to EUR 4.6 billion (including 2% negative foreign exchange impact)
  • Life inflows up 14% to EUR 9.4 billion and Non-Life stable at EUR 1.7 billion (both at 100%)
Operating
Performance
  • Combined ratio at 97.8% versus 96.6% including the impact of the Brussels terrorism events (4%)
  • Operating Margin Guaranteed at 103 bps versus 91 bps
  • Operating Margin Unit-Linked at 25 bps versus 39 bps
  • Life Technical Liabilities of the consolidated entities at EUR 75.9 billion (+ 2% vs. the end of 2015)
Balance Sheet
  • Shareholders' equity at EUR 10.3 billion or EUR 49.10 per share
  • Insurance solvency II ageas ratio at 182% and Group solvency II at 180%
  • General Account Total Liquid Assets stood at EUR 1.2 billion versus EUR 1.6 billion end 2015
          
Belgium
  • Solid results supported by capital gains on real estate partly offset by the Brussels terrorism events
UK
  • Motor driving growth in inflows and improved results; First sign of price increases in the Motor market
Continental
Europe
  • Lower net result despite solid operating performance both in Life and Non-Life
Asia
  • Excellent growth in new business and renewal premiums especially in China and Thailand

All 3 months 2016 figures are compared to the 3 months 2015 figures unless otherwise stated.

Ageas CEO Bart De Smet said: "The first quarter of 2016 showed a solid performance in all segments, with the Asian and Belgium Life business driving the growth of Inflows. The Insurance net profit remained stable benefitting from higher realised capital gains on real estate. This was partly offset by the significant impact of the tragic terrorism events in Brussels and also by a weaker result in Life in Continental Europe.

Also in the first quarter we announced together with several claimants' organisations a settlement agreement for the civil Fortis legacies. The additional provision made for this settlement proposal impacted our General Account and consequently the Group net result.

In line with Ageas's strategy to focus on promising emerging markets in Asia and to shift its portfolio more towards Non-Life, we concluded, after closing of the first quarter, the divestment of the Life business in Hong Kong and the acquisition of AXA Portugal, positioning Ageas as the second largest insurer by inflows in the Portuguese market"




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Source: Ageas via Globenewswire
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