Ageas Sees Improved Financial Performance in 2011
March 09 2011 - 2:24AM
Dow Jones News
Belgian insurer Ageas NV said the financial performance of its
insurance activities "remained overall short of our expectations
and financial targets."
Profit in fiscal year ended 2010 was EUR223 million, including a
charge related to a legal dispute with the Dutch government over
mandatory convertible securities.
Gross inflows amounted to EUR17.9 billion, up 14% from a year
earlier.
MAIN FACTS:
-CEO Bart de Smet: "Overall, Ageas expects the commercial
performance to be at least in line with 2010 and an improved
financial performance barring significant events outside our
control."
-FY result includes a negative non-cash charge related to the
legal disputes with the Dutch State in particular the Mandatory
Convertible Securities.
-At shareholders' equity level, a capital increase for a similar
amount neutralized the charge taken. However, we also recognized
the original EUR2 billion claim against ABN AMRO but have chosen
for a prudent accounting and have subsequently provisioned the
disputes awaiting further evolutions.
-Ageas proposes a dividend over 2010 payable in cash of EUR0.08
per share.
-Insurance net profit of EUR391 million, -23% due to scope
changes and a nonrecurring tax benefit in 2009.
-By Brussels Bureau, Dow Jones Newswires; +322 741 1480;
Ageas (PK) (USOTC:AGESY)
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