- Marked increase in Insurance net result
- Residual impact of regulatory review in the UK
| Q1 2017 | |
| Net Result | Insurance net result up 11% to EUR 222 million versus EUR 201 million General Account net result of EUR 112 million negative versus EUR 834 million negative Group net result at EUR 110 million versus EUR 633 million negative |
| Inflows | Group inflows (at 100%) at EUR 12.7 billion , up 14% (including 2% negative foreign exchange impact) Group inflows (Ageas's part) at EUR 4.7 billion, up 3% (including 2% negative foreign exchange impact) Life inflows up 16% to EUR 10.9 billion and Non-Life up 1% at EUR 1.8 billion (both at 100%) |
| Operating Performance | Combined ratio at 98.3% versus 97.8% Operating Margin Guaranteed at 124 bps versus 103 bps Operating Margin Unit-Linked at 33 bps versus 25 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 9.3 billion or EUR 45.91 per share vs EUR 9.6 billion or EUR 46.56 per share end 2016 Insurance Solvency II ageas ratio at 177% and Group Solvency II ageas ratio at 186% General Account Total Liquid Assets at EUR 1.8 billion versus EUR 1.9 billion at the end of 2016 |
| Belgium | Sustained solid operating performance and capital gains led to substantial profit growth |
| UK | Residual impact related to the regulatory discount rate review |
| Continental Europe | Solid results in both Life and Non-Life |
| Asia | Sustainablel increase in net result thanks to continued growth in high quality regular premium products |
All Q1 2017 figures are compared to the Q1 2016 figures unless otherwise stated.
Ageas CEO Bart De Smet said : "In the first quarter, all segments achieved solid results with the exception of the UK. The UK's result was affected by the residual impact of the regulatory discount rate revision by the UK government. Although various mitigating actions have already been taken, the impact will continue to be felt throughout the year. The overall Insurance net result reflected a good operating performance and benefitted also from solid capital gains on Ageas's real estate transactions.
The group's balance sheet remained solid with an Insurance Solvency II ageas ratio that slightly decreased but remained above target.
Also during the first quarter an important next step in the Fortis settlement was taken with a public hearing held by the Court of Amsterdam. The Court confirmed that it will take a decision regarding Ageas's request to declare the settlement binding on Friday 16 June 2017."
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