| Ageas reports solid Insurance results and proposes a 17% dividend increase | |
| Insurance net profit of EUR 654 million, up 5%; fourth quarter at EUR 157 million | Life net profit at EUR 438 million (vs. EUR 430 million), mainly driven by Belgium; fourth quarter net profit at EUR 126 million (vs. EUR 137 million) Non-Life & Other Insurance net profit at EUR 217 million (vs. EUR 194 million) marked by strong underwriting results in Household and a higher contribution from non-consolidated partnerships compensating lower Motor results; fourth quarter net profit at EUR 30 million (vs. EUR 38 million) Group inflows (at 100%) at EUR 23.2 billion, up 9%, largely driven by growth in Asia (+25%) and Continental Europe (+21%); § Life inflows at EUR 17.4 billion, +11% § Non-Life inflows at EUR 5.9 billion, +3% § Group inflows (at Ageas's part) at EUR 11.7 billion, +4% § Fourth quarter Group inflows at EUR 5.5 billion, -6% Group combined ratio improved to 98.6% at the end of December (vs. 99.1%); fourth quarter at 101.5% impacted by storms and floods in the UK and in Belgium Life Technical Liabilities of consolidated entities at EUR 69.2billion, up 1% Return on Equity - Insurance at 8.3% (vs. 8.7%) |
| Group net profit of EUR 570 million, down 23%; fourth quarter at EUR 57 million | General Account net loss of EUR 85 million (vs. a net profit of EUR 119 million), both results affected by one-offs from financial legacies; fourth quarter net loss of EUR 100 million (vs. a net profit of EUR 50 million) |
| Balance sheet remains strong | Shareholders' equity at EUR 8.5 billion (vs. EUR 9.8 billion), EUR 37.65 per share (vs. EUR 42.27 per share), mainly due to cash returned to shareholders over 2013 and lower unrealised gains on the fixed income portfolio partly offset by retained profits Insurance solvency ratio at 207%; Group solvency ratio at 214% General Account net cash position of EUR 1.9 billion (vs. EUR 1.2 billion) |
| Proposed gross cash dividend | Proposed 2013 gross cash dividend of EUR 1.40 per share, + 17 % |
| CEO Bart De Smet said: "Our Insurance net profit increased by 5% and we have made further progress towards our strategic and financial objectives. The Insurance business is solid with strong premium growth, driven by Asia and Continental Europe, with margins in Life in line with our objectives and improving combined ratios. At the same time we continued to invest in our business, especially in the emerging markets. We reduced the complexity and the risk profile of the Group through the sale of the Royal Park Investments assets, the sale of the call option on BNP Paribas shares and the restructuring of the hybrid debt portfolio and we have maintained a strong discipline in the use of net cash through the capital reduction of EUR 1.00 per share and share buy-back programmes. The higher Insurance profit, combined with an improved cash position and a lower amount of shares outstanding, allow us to propose an increase in the gross cash dividend of 17% from EUR 1.20 to EUR 1.40. Looking forward, I am confident that with our disciplined capital management and continuous improvements in Insurance results, we strengthen our position as a growing and solid Insurance Group." | |
Anhänge
