HONG KONG, Feb. 22, 2013 /PRNewswire/ -- Ageas announced 2012 Full Year Results.
- Group net profit of its insurance operations was EUR 624 million; fourth quarter at EUR 175 million
- Group inflows (at 100%) of EUR 21.3 billion, up 24%; fourth quarter inflows at EUR 5.8 billion
- Group net profit of EUR 743 million
- Insurance solvency at 206%; Group solvency ratio at 231%; General account net cash position of EUR 1.2 billion
Strong financial and commercial performance in Asia
- Ageas Asia's net profit at EUR 128 million (vs. a net loss of EUR 64 million in 2011) of which EUR 34 million originated from its Hong Kong operations
- Asia's inflows at EUR 7.9 billion, up 28%
- Hong Kong's new business premiums increased by 49% following strong growth in both the agency channel and the IFA channel. Inflows were up 27% to EUR 447 million
- Inflow of the non-consolidated partnerships increased by 28% to EUR 7.4 billion
- Strong solvency at 268%
Announcing the 2012 results, Gary Crist, Chief Executive Officer of Ageas Asia commented:
"2012 was an excellent year with solid growth for both life and non-life businesses in Asia. The main drivers for this increase were organic growth from almost all entities and most distribution channels and the recovery of the financial markets across Asia. Activity in the bank channels picked up noticeably in the second half of the year. Continued focus on recurring premium production and persistency has resulted in a high-quality book."
Please visit http://www.ageas.com.hk/pdf/about/press/2013/Ageas_Full_Year_Results_2012_eng.pdf for full details of the press release.
