HONG KONG, Feb. 15, 2017 /PRNewswire/ -- Ageas 2016 results1 -- Asia Financial Highlights
Ageas Group Full Year 2016 Result:
Net Result
Inflows
Operating Performance
Balance Sheet
Ageas Asia:
Life business: excellent profit supported by new business growth and sale of Hong Kong activities. Fourth quarter net result impacted by equity impairment;
Non-life business: growth in profitable business lines at constant exchange rates
- China's inflows increased to EUR 13.6 billion (+14% and +20% at constant exchange rates), with new business up 17% to EUR 6.3 billion, of which nearly half was in regular premium business, an increase of more than 30%, and in line with the commercial strategy. The bank channel and particularly the strong performance of the agency channel both contributed to this growth. New business through the agency channel grew by 37% to EUR 3.2 billion, with regular premiums increased by 33%, supported by new campaigns and a further expanded agency force of almost 254,000 agents. Renewals increased by 11% to EUR 7.3 billion with persistency levels continuing to be amongst the best in the market.
- Thailand achieved solid business growth with life inflows up 8% (+10% at constant exchange rates) to EUR 2.5 billion, with strong growth in renewal premiums to EUR 1.6 billion following last year's growth in new business volumes and continued customer loyalty. Non-life gross inflows were up 10% at constant exchange rates to EUR 318 million with substantial growth in both Motor (+9%) and Personal Accident (+8%)
- Life inflows in Malaysia amounted EUR 587 million, an increase of 9% at constant exchange rates. The bank channel's focus on regular premium business resulted in a better product mix with regular premiums up by 49% at constant exchange rates. Renewal business amounted to EUR 296 million, up 17% at constant exchange rates. Non-life inflows amounted to EUR 575 million (stable versus last year) with growth in profitable Personal Accident and Fire
- India's inflows were EUR 193 million (+12% at constant exchange rates), supported by growth in regular premiums and higher renewal premiums
- Gross inflows from the consolidated operations in Hong Kong amounted to EUR 183 million up until 12 may 2016 when the divestment was completed.
Announcing the Full Year 2016 results, Gary Crist, Chief Executive Officer of Ageas Asia commented:
"The year 2016 was a year of refocusing our Asia strategy. While we divested our Hong Kong operation after eight years of impressive value creation, we also entered into 4 new markets -- by ourselves and through our JV partners. Although it was a challenging year for us, we managed to deliver another record year in top line of EUR 18 billion to the group along with a very satisfactory net result. Strong new sales and excellent persistency led to continued growth on Inflow. Higher sales originated from China and Thailand as a result of successful sales campaigns and continued channel development, including a further increase in the number of agents. India's growth in the bank channel further contributed to the increase in gross inflows. Overall, both new business and renewals achieved healthy growth across all distribution channels with growth recorded at 10% and 9%, respectively. In particular, the agency channel's new business grew significantly by 28% , while the bancassurance channel remained solid at the same level as last year. We had a strong start in our new joint venture in the Philippines while our joint venture in Vietnam obtained its operating license in 2016. The recent start to life operations in Singapore via our partnership with Maybank has also performed well. And through our partnership with Muang Thai, we have entered Cambodia and Laos. Going forward, we remain firmly committed, as ever, to Asia"
Please visit www.ageas.com for full details of the press release.
| 1. All FYE 2016 figures are compared to the FYE 2015 figures unless otherwise stated. |
Contact: Ageas Asia, Regional Office
Johan Lam
Chief of Staff
Tel: 852 2126-2284
Email: johan.lam@ageas.com.hk
