omniture

Ageas Asia Reports 28% Year-on-Year Growth in its Life Profit

2015-02-13 07:00 3815

HONG KONG, Feb. 13, 2015 /PRNewswire/ --

Ageas 2014 results (Note 1) -- Asia Financial Highlights

Ageas reports 13% higher Insurance profit and proposes dividend increase to EUR 1.55

  • Net profit of insurance operations was EUR 737 million, up 13%; fourth quarter at EUR 158 million (vs. EUR 157 million)
  • Group inflows (at 100%) at EUR 25.8 billion, up 11%, largely driven by growth in Asia (+21%)
  • Group net profit of EUR 476 million, down 16%; fourth quarter at EUR 194 million (vs. EUR 57 million)
  • Insurance solvency ratio at 206% and Group solvency at 210%.  General Account net cash position of EUR 1.6 billion (vs. EUR 1.9 billion at the end of 2013).
  • Proposed 2014 gross cash dividend of EUR 1.55 per share, +11%

Strong life profit supported by new business growth in Asia

  • Ageas Asia's net profit at EUR 172 million vs. EUR 142 million (+21%) of which EUR 40 million originated from its Hong Kong operations
  • Asia's inflows at EUR 11.9 billion vs. EUR 9.8 billion (+21%)
    • Hong Kong's inflows amounted to EUR 481 million.  Renewal premiums grew by 10% whereas new business sales have been impacted by new regulation related to the sales process of investment linked products.
    • Mainland China's inflows increased by 28% to EUR 8.2 billion, with new business premiums up more than 30% to EUR 4.2 billion. The fourth quarter was particularly strong (+76%) as both the bank and agency channel increased the sales in line with their sales targets.
    • Thailand's Life inflows were up 18% (+25% at constant exchange rates) to EUR 1.7 billion. Life new business premiums were up 21% to EUR 818 million. Non-Life inflows were up 10% (+16% at constant exchange rates) to EUR 235 million across all business lines with substantial growth in both Motor and Personal Accident (+24%).
    • Malaysia's Life inflows amounted to EUR 568 million. Non-Life premiums were EUR 587 million.
    • India's inflows were EUR 109 million (+5% at constant exchange rates)
  • Strong solvency in Asia (including non-consolidated operations) at 273%

Announcing the 2014 full year results, Gary Crist, Chief Executive Officer of Ageas Asia commented:

"We have solid contributions from all entities within the region. Profits in Life insurance are up 28% year-on-year and Life inflows are up 22% to EUR 11.1 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 further increase in the number of agents. Life new business premiums grew in both the bank and agency channels.  Renewal premiums also showed a significant increase by 21% benefiting from prior year strong sales and continued good persistency. The Non-Life business saw substantial growth in both Motor and Personal Accident."

Please visit http://www.ageas.com for full details of the press release.  

Note:
1. All Full Year 2014 data are compared to the Full Year 2013 figures unless otherwise stated.

Source: AGEAS
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