Full Year Results 2009
(Thomson Reuters ONE) -
. Solid insurance net profit EUR 456 million, strong capital
position at 231%
. Life returns to profit at EUR 382 million
. Non-Life net profit of EUR 74 million, negatively impacted by higher
claims
. 2009 Market Consistent Embedded Value 15% up to EUR 4.9 billion
. Total gross inflows of EUR 15.8 billion exceed 2008 levels
. Inflows on a consolidated basis increased 3% at EUR 12.0 billion
. Inflows on non-consolidated partnerships increased 25% at EUR 3.8 billion
. Group net profit at EUR 1,192 million, net profit General Account
at EUR 736 million
. EUR 697 million capital gain on disposal 25%+1 share of AG Insurance
drives net profit General Account
. EUR 581 million net-of-tax positive impact of call option on BNP Paribas
shares; EUR 316 million negative impact related to RPN(I)
. EUR 301 million negative net-of-tax impact of legal dispute with Fortis
Bank Nederland, related to Fortis Capital Company Ltd
. Proposed 2009 cash dividend of 8 eurocent per share
. Fortis proposes a name change to "ageas"
CEO Bart De Smet said:
The past year has been one of significant change for our company. We made a
number of important decisions regarding the future development of the company
and ended the year in a more stable and much stronger position. In a still
difficult context we managed to maintain the value of our commercial franchise
and even strengthened our position in our most important markets across Europe
and Asia. In 2009 and until today the market environment remained unpredictable
and challenging. Our solid financial results and our robust capital position are
a strength in times of volatile financial markets. We constantly monitor the
performance of the investment portfolio that supports our long term liabilities
in Life, and while this portfolio has a relatively low risk profile, we have
reduced the concentration risk when we considered it prudent and possible to do
so. In Non-Life, we took a number of measures to improve our operational
performance.
2010 will be another important year during which we will focus on the
development of our insurance activities in the interest of the long term future
of our company. The steps taken so far combined with the drive and commitment of
our colleagues will ensure that we are well placed to face any future challenges
as we are all driven by the same objective : Create sustainable value for all
our stakeholders. An important element remains the active management of the
legacy issues. In respect of all investigations and legal
proceedings originating from past events, the Board's overriding priority and
duty is to act in the best interest of its shareholders and to protect the
long-term financial stability of the new Fortis. The Board will continue to
vigorously defend the company and its stakeholders and will take all appropriate
actions to protect the company against the possible consequences of the legal
actions that have or might be initiated. Finally, I am pleased to announce the
new proposed name for our company, "ageas", a new identity for this company
which symbolizes the start of a new era.
[HUG#1392330]
ageas : what's in a name ?: http://hugin.info/134212/R/1392330/349943.pdf
Pdf version press release: http://hugin.info/134212/R/1392330/349942.pdf
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Datum: 10.03.2010 - 01:33 Uhr
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