Fortis's First Nine-Month 2005 Net Profit Before Results on Divestments up 48 Percent to EUR 3 Billion

Strong Operating Performance in Favourable Market Conditions


BRUSSELS, Belgium, Nov. 23, 2005 (PRIMEZONE) -- Fortis:


 -- First nine-month 2005 net profit before results on divestments:
 -- Total net profit before results on divestments up 48% from EUR 2,042 
    million to EUR 3,013 million; up 47% per share to EUR 2.35
 -- Banking net profit before results on divestments up 45%, from EUR
    1,444 million to EUR 2,092 million
    -- Total revenues up 14% due to continued strong underlying
       performance
    -- Operating leverage 10.4% due to strong revenue growth and tight 
       cost management
    -- Lower impairments on loans, credit loss ratio down from 15 to
       10 basis points
    -- Solid profit contribution from Disbank, which was consolidated 
       from 1 July 2005
 -- Insurance net profit before results on divestments up 30% from EUR 
    802 million to EUR 1,043 million
    -- Total gross inflow Life +39% to EUR 7,802 million
    -- Gross written premiums Non-life (excluding Assurant) up 2% to
       EUR 3,774 million
    -- Operating leverage 21.0% due to increased revenues and sound
       cost management
    -- Non-life combined ratio improved substantially, from 99% to 95%
    -- The inclusion of Millenniumbcp Fortis, consolidated from 1
       January 2005, positively contributed to both the top and the 
       bottom line

 -- First nine-month 2005 net profit up 32% to EUR 3,456 million compared
    with the first nine months of 2004; earnings per share up 31% to EUR 
    2.69

 -- Third-quarter net profit before results on divestments amounted to 
    EUR 913 million, up 94% compared with the third quarter of 2004, 
    also partly due to higher capital gains

 -- Fourth-quarter net profit before results on divestments is expected 
    to be lower than the figure for the third quarter. Most important 
    drivers are lower capital gains and an exceptional charge, mainly 
    for investments in upgrading the quality of management, which is 
    currently estimated at some EUR 200 million

Consolidated quarterly report

http://hugin.info/134212/R/1022541/161751.pdf