Results For 2001 : AGF Group Holds its Own in a Difficult Environment; Net Income at 717 Million Euros and Income Before Exceptional Items is Stable (with link)


PARIS, March 5, 2002 (PRIMEZONE) -- AGF (PSE:AGF):

Income Before Exceptional Items Of Insurance Companies And Banking: 893 Million Euros, +2.3% (+1% Proforma)

Net Income Group Share: 717 Million Euros, -15.1% (-18.9% Proforma)

Net Earnings Per Share: 4.24 Euros, -15.5% (-19.2% Proforma)

Net Dividend Per Share: Held At 2 Euros

Embedded Value Per Share: 46.1 Euros , -12.5% Proforma Roe: 13.1%


  Key Figures 
 in millions of 
  euros         31.12.01   31.12.00(a)   31.12.00(b)  Change Change
                                     proforma         proforma

 Premium income
  from insurance    16 620.6   15 747.8    15 842.0   +5.5    +4.9%

 Net income bef 
  except. items,
 insurance and        893      873         884        +2.3%   +1.0%
  banking

 Net income bef 
  except. items       
  and goodwill        868      917         958        -5.3%   -9.4%

 Net income bef 
  except. Items       764      836         876        -8.6%   -12.8%

 Consolidated
  net income          717      845         885       -15.1%   -18.9%

 Net earnings
  per share (euros)(b)  4.24     5.02      5.25      -15.5%   -19.2%

 Net dividend 
  per share (euros)     2.00     2.00       n.a.      n.a.     n.a.

 Net asset value
  per share (euros)     42.1    49.4       48.2      -14.8%   -12.7%

 Embedded Value
  per share (euros)     46.1    54.9       52.7      -16.0%   -12.5%

 ROE                    13.1%   15.6%      17.5       n.a.     n.a.

(a) Data published for 2000 not directly comparable (b) 2000 proforma data include the retroactive application of the principles and methods set forth by regulation CRC 2000.05 (b) Weighted EPS stood at 4.27 euros, vs. 4.97 euros in 2000 (-14.1%)

In 2001, AGF proved that it is financially solid by maintaining high level results and profitability that were even higher than in 1999, as it pursued premium income growth.

Despite a tough year for insurance when financial markets were difficult, claims experience higher, and there were major costs due to non-life systems transfers and the euro conversion, consolidated net income group share amounted to 717 mn euros, a drop of 15.1%* from 2000, but a rise of 7.5% from 1999.

Based on the number of shares at 31.12.01, less treasury shares (15 554 261 shares), or 169 126 373 shares, net earnings per share stood at 4.24 euros, down 15.5%* from last year, but up 11.6% from 1999.

2001 ROE stood at 13.1%, compared with 15.6%* in 2000 and 12.1% in 1999. The normed profitability of allocated capital amounted to 10.9%, compared with 13.6% in 2000 and 10.3% in 1999.

Therefore, the board of directors is recommending that the general meeting of shareholders approve a net divided of 2 euros per share, unchanged from last year.

The presentation document for 2001 results may be consulted at http://www.agf.fr

The full text report along with all finanical tables can be found at the following link: http://www.prline.com/cocentral.asp?Doc_id=131432


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CONTACTY: AGF, Paris 
          Investor/Press:
          Jean-Michel Mangeot
          33 1 44 86 21 25
          jean-michel.mangeot@agf.fr

          Berangere Auguste-Dormeuil
          33 1 44 86 78 97
          augusbe@agf.fr
 
          Marc de Ponteves
          33 1 44 86 20 99
          marc.de_ponteves@agf.fr

          Agnes Miclo
          33 1 44 86 31 62
          micloa@agf.fr

          Vincent Foucart
          33 1 44 86 29 28
          vincent.foucart@agf.fr

          Severine David
          33 1 44 86 67 45
          davidse@agf.fr