Full year results 2003
Key figures
In EUR million |
Year |
Quarterly | ||||||
|
| |||||||
|
2003 |
2002 |
% change |
Q4
2003 |
Q4
2002 |
% change |
Q3
2003 |
% change |
Net Operating Profit before realized capital gains |
1,976 |
1,918 |
3 |
548 |
308 |
78 |
505 |
8 |
Realized capital gains 1) |
582 |
241 |
* |
49 |
(6) |
* |
33 |
51 |
|
|
|
|
|
|
|
|
|
Net Operating Profit before value adjustments equity portfolio |
2,558 |
2,159 |
19 |
597 |
302 |
98 |
538 |
11 |
Value adjustments equity portfolio |
(311) |
(1,729) |
(82) |
274 |
344 |
(20) |
155 |
78 |
Realized |
(947) |
(697) |
36 |
(191) |
(749) |
(74) |
(109) |
75 |
Unrealized |
636 |
(1,032) |
* |
465 |
1,093 |
(57) |
264 |
77 |
|
|
|
|
|
|
|
|
|
Net Operating Profit |
2,247 |
430 |
* |
871 |
646 |
35 |
693 |
26 |
|
|
|
|
|
|
|
|
|
Non operating items |
(50) |
102 |
* |
(22) |
(27) |
(20) |
(16) |
39 |
|
|
|
|
|
|
|
|
|
Net Profit |
2,197 |
532 |
* |
849 |
619 |
37 |
677 |
25 |
1) After tax, excluding equity portfolio.
Fourth quarter 2003 (versus fourth quarter 2002)
adjustments to the equity portfolio, Net Operating Profit increased by 98% to EUR 597 million.
Fortis CEO Anton van Rossum comments:
"We had a good performance in a year that started poorly with a weak economy and low stock markets, but that ended well. Operating performance continued to improve thanks to further cost reductions, better interest margins and excellent results at Non-life insurance owing to sharply reduced combined ratios.
"We successfully concluded an initial public offering (IPO) of 65% of the common stock of Assurant, Inc., our US specialty insurance subsidiary, in February 2004. The proceeds of this IPO will be used in line with our strategy to: strengthen our businesses in our home markets, the Benelux countries, and to expand selected activities in Europe and certain skills, such as bancassurance, globally.
"The same forces that improved our operating performance in the latter half of 2003 will continue to have a positive impact in 2004 and will compensate for a considerable part of the reduction in Net Operating Profit owing to the sale of 65% of Assurant, Inc. Barring unforeseen circumstances, we expect that this, together with the already improved markets, will result in a higher Net Operating Profit for the current year."
To view the full press release and annexes in PDF format:
Press Release Annual Results 2003 PDF
Press contacts:
Brussels: 32 (0) 2 565 35 84
Utrecht: 31 (0) 30 257 65 49
Investor Relations:
Brussels: 32 (0) 2 510 52 28
Utrecht: 31 (0) 30 257 65 46