Regulated Information - Ageas 3 month results 2014

 | Source: Ageas Ageas

Ageas reports growing inflows, UK storms & floods impact insurance profit
Insurance net profit of
EUR 145 million
(vs. EUR 157 million) 		Life net profit at EUR 129 million (vs. EUR 108 million), driven by Belgium and Continental Europe

Non-Life & Other Insurance net profit at EUR 16 million (vs. EUR 49 million), mainly due to EUR 35 million impact of storms and floods in the UK

Group inflows (at 100%) at EUR 7.8 billion (+15%), largely driven by growth in Life inflows in Asia (+32%)
- Life inflows at EUR 6.1 billion, +20%
- Non-Life inflows at EUR 1.7 billion, +2%
- Group inflows (Ageas's part) at EUR 3.5 billion, + 10%

Group combined ratio at 102.6% (vs. 98.9%), impacted by weather events in the UK

Life Technical Liabilities of consolidated entities at EUR 70.5billion, vs. EUR 69.2 billion at the end of 2013 (+2%)
Group net profit of
EUR 30 million
(vs. EUR 293 million) 		General Account net loss of EUR 115 million (vs. a net profit of EUR 136 million, including one- offs from financial legacies) due to the increase of EUR 104 million in the RPN(I) liability (non-cash consequence)

Balance sheet remains
strong 		Shareholders' equity of EUR 9.0 billion or EUR 39.99  per share (vs. EUR 8.5 billion end 2013 or EUR 37.65 per share), mainly  due to higher unrealised gains on the fixed income portfolio

Insurance solvency at 209%; Group solvency ratio at 213%

General Account net cash position at EUR 1.8 billion (vs. EUR 1.9 billion at the end of 2013)
CEO Bart De Smet said:
"The first quarter of the year is historically the time when we see most impact of weather related events and 2014 was certainly no exception.  The severe storms and floods particularly in the UK market impacted negatively on our Non-Life profit. Ageas UK has provided continuous support to affected customers with over 14,500 interim payments already made. Life profits in contrast improved thanks to better investment and underwriting margins and lower taxes.

Our core business remains strong with inflows increasing across most segments. We continued to grow and consolidate our position in many of the key growth markets in which we operate. Customer interest in Guaranteed Life products increased, particularly in Belgium and inflows in China grew by EUR 1 billion thanks to successful sales campaigns through both the bank and agency channels.

Although we had a tough quarter, we continue to focus towards our Vision 2015 targets and we will concentrate in particular on getting Non-Life profitability back on track.
All 3 month 2014 data are compared to the 3 month 2013 figures unless otherwise stated.

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