• Net insurance result up by 48%
  • Group inflows (at 100%) rose 21%
  • Asia main contributor to the growth of inflows and results
Profit
  • Insurance net profit up by 48% to EUR 504 million, with outstanding contribution from Asia and Non-Life business
    and supported by positive foreign exchange rates
  • Life net profit benefited from exceptional investment results in China of around EUR 100 million
  • Group net profit at EUR 469 million; General Account net result of EUR 35 million negative mainly
    due to the increased RPN(I) liability
Inflows
  • Group inflows (at 100%) at EUR 16.6 billion, up 21% (13% positive foreign exchange impact)
    Group inflows (Ageas's part) grew 13% to reach EUR 7.3 billion
  • Life inflows up 25% to EUR 13.3 billion and Non-Life up 5% to EUR 3.3 billion (both at 100%)
Operating
Performance
  • Combined ratio improved to 95.2 % versus 102.0% supported by all consolidated entities
  • Operating Margin Guaranteed at 90 bps versus 99 bps, within the target range
  • Life Technical Liabilities of consolidated entities at EUR 73.7 billion (- 1% vs. the end of 2014)
Balance Sheet
  • Shareholders' equity up to EUR 11.1 billion or EUR 51.58 per share
  • Insurance solvency ratio at 234% and Group solvency at 235%
  • General Account net cash position slightly down vs. end 2014 to EUR 1.5 billion
          
Q2 2015
  • Insurance net profit at EUR 306 million, up 57% compared to Q2 2014
  • Group net profit at EUR 228 million
  • Investment of EUR 100 million related to the start-up of Intreas, an intra-group Non-Life reinsurance vehicle
          
Belgium
  • Strong operating result in Non-Life offset for lower realised capital gains in Life
  • Lower inflows reflecting reduced sales in short term investment products
UK
  • Better performance in Household and Other lines partly offsets by adverse Motor results
Continental
Europe
  • Increased net profit driven by both Life and Non-Life
Asia
  • Continued solid growth in inflows. Excellent net result including exceptional investment results in China

All 6 months 2015 figures are compared to the 6 months 2014 figures unless otherwise stated.

Ageas CEO Bart De Smet said: "The first half year provided further evidence of progress against our strategic goals. We have extended our reach in the growth markets of Asia entering the Philippines through a joint venture initiative with EastWest Bank. Asia, especially China and Thailand, was the main contributor to the improvement of our results with a strong intrinsic performance positively impacted by continued growth in volumes, favourable foreign exchange rates and boosted by exceptional investment results in China. At the same time the Non-Life activities, especially in Europe are showing good momentum with combined ratios far better than the target. Based on a strong first half year and our overall operating performance we are confident that 2015 will be a good year for Ageas. And finally we decided to initiate a new share buy-back programme."


Pdf version of the press release:
http://hugin.info/134212/R/1943700/703952.pdf


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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#1943700