HONG KONG, Nov. 5, 2015 /PRNewswire/ -- Ageas Announces 9 month results 2015 (Note 1) -- Asia Financial Highlights
Group inflows (at 100%) rose 17%
Continued strong operating performance in Non-Life
Life results impacted by lower capital gains and by equity impairments in Q3
- Profit
- Insurance net profit up by 6% to EUR 613 million, with Asia and Non-Life business as main contributors, further supported by positive foreign exchange rates
- Life net profit impacted by impairments as a result of turbulent equity markets in the 3rd quarter and lower capital gains year to date
- Group net profit at EUR 599 million; General Account net result of EUR 14 million negative
- Inflows
- Group inflows (at 100%) at EUR 22.8 billion, up 17% (11% positive foreign exchange impact)
- Group inflows (Ageas's part) grew 11% to EUR 10.4 billion (8% positive foreign exchange impact)
- Life inflows up 21% to EUR 17.9 billion and Non-Life up 5% to EUR 4.8 billion (both at 100%)
- Operating Performance
- Combined ratio improved to 95.1% versus 99.6% supported by all consolidated entities
- Operating Margin Guaranteed at 80 bps versus 98 bps
- Life Technical Liabilities of consolidated entities at EUR 73.6 billion (- 2% vs. the end of 2014)
- Balance Sheet
- Shareholders' equity up to EUR 10.9 billion or EUR 51.12 per share
- Insurance solvency I ratio at 231% and Group solvency at 232%
- General Account net cash position at EUR 1.4 billion
Continued solid growth in inflows in both Life and Non-Life in Asia
- Ageas Asia's net profit at EUR 222 million vs. EUR 135 million (+64%) of which EUR 45 million originated from its Hong Kong operations
- Asia's inflows at EUR 12.8 billion vs. EUR 9.0 billion (+43%)
- Hong Kong's inflows increased by 18% to EUR 404 million (-3% at constant exchange rates), coming from both new business regular premiums (18%) and renewal business (30%).
- Mainland China's inflows increased to EUR 9.4 billion (+51% and +26% at constant exchange rates), with new business premiums up 48% to EUR 4.8 billion. The bank channel and the agency channel both contributed to this growth.
- Thailand's Life inflows were up 33% (+14% at constant exchange rates) to EUR 1.7 billion. Life new business premiums rose 18% to EUR 738 million. Non-Life inflows were up 30% (+11% at constant exchange rates) to EUR 221 million across all business lines with substantial growth in both Motor (+32%) and Personal Accident (+50%).
- Malaysia's Life inflows increased 4% (equal at constant exchange rates) to EUR 431 million. Non-Life inflows amounted to EUR 483 million (+12% or +8% at constant exchange rates)
- India's inflows were EUR 143 million (+53% at constant exchange rates)
- Strong solvency in Asia (including non-consolidated operations) at 301%
Announcing the 9 month results 2015, Gary Crist, Chief Executive Officer of Ageas Asia commented:
"Ageas Asia's 9 months 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 222 million, an increase of 64% compared to the same period last year. Profits in Life insurance are up 74% year-on-year and Life inflows are up 45% to EUR 12.1 billion, with non-consolidated partnerships taken at 100%. Both Life and Non-Life inflows continued to report strong growth in new business and renewal premiums especially in Mainland China and Thailand. 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 9 month 2015 data are compared to the 9 month 2014 figures unless otherwise stated.
