Net profit before results on divestments
Fortis: +25% to EUR 1,328 million compared with EUR 1,062 million in the very strong first quarter of 2005. Sustained commercial activity and buoyant conditions drove profitable growth in both Banking and Insurance
Banking: +31% to EUR 1,036 million from EUR 792 million in the first quarter of last year
- Total income up 16% thanks to increased commercial activity across all businesses
- Cost/income ratio at 54.1%, despite strong investments in growth
- EUR 6 billion net new inflow in funds under management
- Change in impairments on loans very low
Insurance: +11% to EUR 339 million from EUR 305 million in the first quarter of last year
- Gross inflow at Life up 16% to EUR 2,752 million; new business, expressed as APE, up 27%
- Funds under management up 13%
- Gross written premiums at Non-life slightly lower at EUR 1,613 million
- Cost ratios improved both at Life and Non-life
- Combined ratio stable at 95%
In the first quarter of last year net profit amounted to EUR 1,505 million, benefiting from a EUR 443 million one-off contribution from the transactions relating to the sale of Assurant, which was divested in keeping with Fortis's strategy. In the first quarter of 2006, when no divestments were made, Fortis posted net profit of EUR 1,328 million. Earnings per share came to EUR 1.03.
First quarter results almost tripled compared with the fourth quarter results for 2005
Return on equity is 20.5%
