HONG KONG, Feb. 18, 2016 /PRNewswire/ -- Ageas 2015 results (Note 1) -- Asia Financial Highlights
Insurance net profit of EUR 755 million with a record performance in Asia and solid results in Belgium
Proposes gross cash dividend of EUR 1.65, up 6.5% compared to last year
- Profit
- Insurance net profit of EUR 755 million (vs. EUR 737 million) with Asia and Belgium as main contributors
- Life results marked by financial market volatility both in Asia and Continental Europe
- Non-Life profit growth driven by excellent performance in Belgium and Continental Europe
- Group net profit at EUR 770 million (vs EUR 476 million); General Account net result of EUR 15 million
- Inflows
- Group inflows (at 100%) at EUR 29.8 billion, up 16% (9% positive foreign exchange impact)
- Group inflows (Ageas's part) grew 10% to EUR 13.7 billion (7% positive foreign exchange impact)
- Life inflows up 19% to EUR 23.5 billion and Non-Life up 4% to EUR 6.3 billion (both at 100%)
- Operating Performance
- Combined ratio at 96.8% versus 99.6% supported by excellent operating performance in Belgium and Continental Europe but partly offset by the December floods in the UK
- Operating Margin Guaranteed at 90 bps versus 89 bps – Operating Margin Unit-Linked at 36 bps versus 20 bps
- Life Technical Liabilities of consolidated entities at EUR 74.1 billion (-1%)
- Balance Sheet
- Shareholders' equity up to EUR 11.4 billion or EUR 53.59 per share
- Insurance solvency I ratio at 226% and Group solvency at 228%
- Insurance solvency II at 182% and Group solvency II at 212%
- General Account net cash position at EUR 1.3 billion
Strong Life business growth and favourable financial markets in Asia
- Ageas Asia's net profit at EUR 272 million vs. EUR 172 million (+58%; +38% at constant exchange rates). Excellent results essentially driven by exceptional performance in Mainland China.
- Asia's inflows at EUR 16.5 billion vs. EUR 11.9 billion (+39%; +20% at constant exchange rates)
- Hong Kong's inflows increased by 16% to EUR 557 million (-3% at constant exchange rates), impacted by new regulatory changes
- Mainland China's inflows increased by 46% year-on-year to EUR 12.0 billion (+25% at constant exchange rates), with new business premiums amounted to EUR 5.4 billion. The new business is well spread over the bank and agency channels, respectively up 20% and 44% to EUR 3.0 billion and EUR 2.3 billion
- Thailand's Life inflows were up 33% (+17% at constant exchange rates) to EUR 2.3 billion. Life new business premiums rose 22% to almost EUR 1.0 billion. Non-Life inflows were up 27% (+12% at constant exchange rates) to EUR 298 million with substantial growth in both Motor (+32%) and Personal Accident (+40%)
- Malaysia's Life inflows amounted to EUR 571 million. Non-Life premiums were EUR 615 million (+5%)
- India's inflows were EUR 180 million (+45% at constant exchange rates)
- Strong solvency in Asia (including non-consolidated operations) at 326%
- Sale of the Hong Kong operations and entering into two greenfield partnerships in Vietnam and the Philippines
Announcing the 2015 full year results, Gary Crist, Chief Executive Officer of Ageas Asia commented:
"Ageas Full Year 2015 results were marked by a very solid set of figures, with both net profit and inflows significantly up compared to last year. Total net profit in Asia amounted to EUR 272 million, an increase of 58% compared to the same period last year. Profits in Life insurance are up 66% year-on-year and Life inflows are up 41% to EUR 15.6 billion, with non-consolidated partnerships taken at 100%. Higher sales primarily originated from Mainland China and Thailand as a result of successful sales campaigns and continued channel development, including a continued increase in the number of agents. India's growth in the bank channel further contributed to the increased gross inflow. The Non-Life business saw strong growth in all business lines."
Please visit http://www.ageas.com for full details of the press release.
Note:
1. All Full Year 2015 data are compared to the Full Year 2014 figures unless otherwise stated.
