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Ageas Asia Reports 34% Growth in Its Net Profit

2014-11-06 07:00 2471

HONG KONG, Nov. 6, 2014 /PRNewswire/ -- Ageas Announces 9 month results 2014 (Note 1) -- Asia Financial Highlights

Ageas posts strong third quarter insurance results

  • Net profit of insurance operations was EUR 579 million
  • Group inflows (at 100%) up 10% to EUR 19.5 billion, largely driven by Life inflows in Asia and Continental Europe
  • Group net profit of EUR 282 million
  • Insurance solvency ratio at 214%; Group solvency ratio at 206%. General Account net cash position at EUR 1.5 billion (vs. EUR 1.9 billion at the end of 2013)

Strong Life profit supported by new business growth

  • Ageas Asia's net profit at EUR 135 million vs. EUR 101 million (+34%) of which EUR 27 million originated from its Hong Kong operations
  • Asia's inflows at EUR 9.0 billion vs. EUR 7.9 billion (+13%)
    • Mainland China's inflows increased 18% to EUR 6.2 billion, with new business premiums up 12% to EUR 3.3 billion.
    • Thailand's Life inflows were up 16% to EUR 1.3 billion. Life new business premiums were up 20% to EUR 624 million. Non-Life inflows were up 6% to EUR 170 million across all lines of business.
    • Malaysia's life inflows amounted to EUR 412 million. Non-Life premiums were EUR 430 million.
    • Hong Kong's inflows increased 3% to EUR 341 million.
    • India's inflows were EUR 81 million.
  • Strong solvency in Asia (including non-consolidated operations) at 265%

Announcing the 9 month results 2014, Gary Crist, Chief Executive Officer of Ageas Asia commented:

"We have solid contributions from all countries within the region. Through the third quarter regional profits are up 34% over 2013 with Mainland China being the main contributor. Profits in life insurance are up 41% year on year and life inflows are up 14% to EUR 8.4 billion, with non-consolidated partnerships taken at 100%. Higher sales primarily originated from Mainland China and Thailand resulting from successful sales campaigns and continued channel development, including a strong increase in the number of agents. Renewal premiums were up significantly (+19%) to EUR 4.1 billion benefiting from strong sales last year and continued good persistency across all entities. Non-life profits are down slightly year on year however both companies continue to show strong underwriting results with combined ratios below 90%."

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

Note:
1. All 9 month 2014 data are compared to the 9 month 2013 figures unless otherwise stated.

Source: AGEAS
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