- Very strong Insurance results supported by exceptional results in China
- Solid operating performance across all segments
| Q1 2018 |
|
| Net Result |
- Insurance net result up 35% to EUR 299 million versus EUR 222 million
- General Account net result of EUR 52 million negative versus EUR 112 million negative
- Group net result at EUR 248 million versus EUR 110 million
|
| Inflows |
- Group inflows (at 100%) at EUR 11.9 billion, or -6% (including 4% negative foreign exchange impact) Group inflows (Ageas's part) at EUR 4.5 billion, or -5% (including 4% negative foreign exchange impact)
- Life inflows down 7% to EUR 10.1 billion and Non-Life down 3% at EUR 1.7 billion (both at 100%)
|
| Operating Performance |
- Combined ratio at 98.8% versus 98.3%
- Operating Margin Guaranteed at 137 bps versus 124 bps
- Operating Margin Unit-Linked at 32 bps versus 33 bps
- Life Technical Liabilities of the consolidated entities at EUR 74.3 billion slightly lower compared to the end of 2017
|
| Balance Sheet |
- Shareholders' equity at EUR 9.9 billion or EUR 49.91 per share vs EUR 9.6 billion or EUR 48.30 per share end 2017
- Insurance Solvency II ageas ratio at 196% and Group Solvency IIageas ratio at 195%
- General Account Total Liquid Assets at EUR 1.7 billion versus EUR 1.8 billion at the end of 2017
|
| |
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| Belgium |
- Strong growth in inflows both in Life and Non-Life. Excellent net result notwithstanding adverse weather
|
| UK |
- Disciplined strategy execution translates into lower inflows and improved net result despite adverse weather
|
| Continental Europe |
- Good performance scope-on-scope with strong increase in inflows and net profit up on excellent Non-Life result
|
| Asia |
- Lower inflows mainly due to anticipated decrease of single premium contracts in China Very strong net result driven by a high first quarter result in China, supported by some exceptional elements
|
All Q1 2018 figures are compared to the Q1 2017 figures unless otherwise stated.
Ageas CEO Bart De Smet said: "Continuing the outstanding 2017 results, we are pleased that both our Life and Non-Life businesses have once again delivered a solid performance which resulted in a good first quarter operating result despite the impact of adverse weather in Belgium and in the UK. This, combined with an exceptionally high contribution from China, allows us to report a very strong first quarter Insurance net result. While inflows decreased slightly this is compensated by an improvement in terms of quality. In China this was as a consequence of regulatory changes which led to a move away from high volumes of short term single premium business towards regular premium products and in the UK, it is was because of our deliberate choice to opt for profitability over volumes. In Belgium however we witnessed a renewed growth in inflows in both Life and Non-Life."
