HONG KONG, Aug. 6, 2015 /PRNewswire/ -- Ageas Announces 6 month results 2015 (Note 1) -- Asia Financial Highlights
Net insurance result up by 48%; Group inflows (at 100%) rose 21%; Asia main contributor to the growth of inflows and results
- Profit
- Insurance net profit up by 48% to EUR 504 million, with outstanding contribution from Asia and Non-Life business and supported by positive foreign exchange rates
- Life net profit benefited from exceptional investment results in Mainland China of around EUR 100 million
- Group net profit at EUR 469 million; General Account net result of EUR 35 million negative mainly due to the increased RPN(I) liability
- Inflows
- Group inflows (at 100%) at EUR 16.6 billion, up 21% (13% positive foreign exchange impact)
- Group inflows (Ageas's part) grew 13% to reach EUR 7.3 billion
- Life inflows up 25% to EUR 13.3 billion and Non-Life up 5% to EUR 3.3 billion (both at 100%)
- Operating Performance
- Combined ratio improved to 95.2 % versus 102.0% supported by all consolidated entities
- Operating Margin Guaranteed at 90 bps versus 99 bps, within the target range
- Life Technical Liabilities of consolidated entities at EUR 73.7 billion (- 1% vs. the end of 2014)
- Balance Sheet
- Shareholders' equity up to EUR 11.1 billion or EUR 51.58 per share
- Insurance solvency ratio at 234% and Group solvency at 235%
- General Account net cash position slightly down vs. end 2014 to EUR 1.5 billion
Excellent Life profit supported by business growth and favourable financial markets in Asia
- Ageas Asia's net profit at EUR 212 million vs. EUR 78 million (+172%) of which EUR 33 million originated from its Hong Kong operations
- Asia's inflows at EUR 9.8 billion vs. EUR 6.7 billion (+47%)
- Hong Kong's inflows increased by 19% to EUR 269 million (-3% at constant exchange rate), coming from both new business regular premiums and renewal business. Single premiums have been impacted by new regulatory regulations.
- Mainland China's inflows increased to EUR 7.4 billion (+54% and +26% at constant exchange rates), with new business premiums up 52% to EUR 4.2 billion. The bank channel and the agency channel both contributed to this growth.
- Thailand's Life inflows were up 42% (+17% at constant exchange rates) to EUR 1.3 billion. Life new business premiums rose 28% to EUR 554 million. Non-Life inflows were up 34% (+11% at constant exchange rates) to EUR 148 million across all business lines with substantial growth in both Motor (+37%) and Personal Accident (+52%).
- Malaysia's Life inflows increased 10% (stable at constant exchange rates) to EUR 302 million. Non-Life inflows amounted to EUR 356 million (+18% or +7% at constant exchange rates)
- India's inflows were EUR 99 million (+67% at constant exchange rates)
- Strong solvency in Asia (including non-consolidated operations) at 312%
Announcing the 6 month results 2015, Gary Crist, Chief Executive Officer of Ageas Asia commented:
"Ageas Asia's first half 2015 results were marked by a very solid set of figures, with both inflows and net profit significantly up compared to last year. Total net profit in Asia amounted to EUR 212 million, an increase of 172% compared to the same period last year, with excellent Life results driven by an exceptional performance in China and solid business growth in Thailand. Profits in Life insurance are up 196% year-on-year and Life inflows are up 49% to EUR 9.3 billion, with non-consolidated partnerships taken at 100%. Life new business premiums grew strongly in both the agency and bank channels with 46% to EUR 5.0 billion. Renewal premiums also showed a significant increase to EUR 4.3 billion (+52%) benefiting from strong prior year sales and continued good persistency. The Non-Life business saw growth in both Motor and Personal Accident. In May 2015 we have extended our presence in the growth markets of Asia by entering the Philippines through a joint venture with EastWest Bank."
Please visit http://www.ageas.com for full details of the press release.
Note:
1. All 6 month 2015 data are compared to the 6 month 2014 figures unless otherwise stated.
