Third consecutive strong quarterly net result, driven by an excellent Non-Life
Solid underlying operating performance both in Life and Non-Life for the quarter, mitigating specific impairments in Asia
Solvency position up and well above the target level
Net Result
The nine month Group net result stood at EUR 994 million, to a large extent supported by the positive result of the General account following the gain on the FRESH transactions
Net result in Non-Life (including Reinsurance) grew significantly to EUR 311 million thanks to a strong performance across all segments and a lower claims frequency compensating for the impact of the adverse weather in Belgium and UK
Life net result of EUR 426 million affected by Covid-19 related impact on the investment result
Third quarter Groupnet result stood at EUR 203 million thanks to the excellent Life and Non-Life operating performance partly offset by impairments in Asia and lower recurring investment income
Inflows
Nine months Group inflows (at 100%) down 2% to EUR 27.9 billion
Life inflows (at 100%) down 3% to EUR 22.8 billion due to reduced Guaranteed bancassurance activity in Europe
Non-Life inflows (at 100%) were up 1 % at EUR 5.1 billion
Third quarter Group inflows (at 100%) up 4% to EUR 7.8 billion thanks to growth across most regions
Operating Performance
Combined ratio at 90 % supported by lower claims frequency
Operating Margin Guaranteed at 79 bps supported by a strong third quarter
Operating Margin Unit-Linked at 28 bps
Balance Sheet
Shareholders’ equity at EUR 11.3 billion or EUR 60.18 per share
Group Solvency IIageas ratio remained strong at 194%
General Account Total Liquid Assets as at 30 September 2020 at EUR 1.5 billion, of which EUR 0.4 billion is ring-fenced for the Fortis settlement
Life Technical Liabilities excluding shadow accounting of the consolidated entities decreased by 1% compared to end 2019 to EUR 72.7 billion
A complete overview of the figures can be viewed on the Ageas website. Key figures and main highlights on the segments can be found in the Annexes of this press release
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Ageas CEO Hans De Cuyper said: “I am very pleased that even in these persistently challenging times caused by the pandemic, our activities continue to show strong resilience. The third quarter saw inflows increase in most segments and an improved underlying operational performance in both Life and Non-Life. Specific impairments on equity in Asia and lower recurring investment income from dividends and real estate revenues resulted in slightly lower insurance net profits. Year-to-date profits as well as our solvency and cash position remain strong. Consequently, and assuming no material impact from the financial markets in the last weeks of the year, we remain confident that we will be able to achieve a result close to our initial guidance. I want to thank all our employees and partners for their commitment in helping all our customers and engagement towards society through these exceptional times.”
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