Solid Performance in Asia Contributes to Ageas’ Growth
HONG KONG, Aug. 7, 2014 /PRNewswire/ — Ageas Announces 6 month results 2014 (Note 1) — Asia Financial Highlights
Ageas posts solid first half insurance results
- Net profit of insurance operations was EUR 340 million
- Group inflows (at 100%) up 10% to EUR 13.8 billion, largely driven by Life inflows in Asia (+15%) and Continental Europe (+24%)
- Group net profit of EUR 31 million
- Insurance solvency ratio at 208%; Group solvency ratio at 203%. General Account net cash position at EUR 1.6 billion (vs. EUR 1.9 billion at the end of 2013)
Strong Life new business growth while delivering good profit in Asia
- Ageas Asia’s net profit at EUR 78 million vs. EUR 66 million (+19%) of which EUR 16 million originated from its Hong Kong operations
- Asia’s inflows at EUR 6.7 billion vs. EUR 5.9 billion (+14%)
- Mainland China’s inflows increased 20% to EUR 4.8 billion, with new business premiums up 19% to EUR 2.7 billion. The bank channel and the agency channel both contributed to this growth.
- Thailand’s Life inflows were up 15% to EUR 884 million. Life new business premiums were up 24% to EUR 434 million. Non-Life inflows were up 5% to EUR 110 million across all lines of business.
- Malaysia’s life inflows amounted to EUR 274 million. Non-Life premiums were EUR 301 million.
- Hong Kong’s inflows increased 5% to EUR 227 million.
- India’s inflows were EUR 50 million.
- Strong solvency in Asia (including non-consolidated operations) at 244%
Announcing the 6 month results 2014, Gary Crist, Chief Executive Officer of Ageas Asia commented:
"We have solid contributions from all countries within the region especially from Mainland China. Inflows were up 15% to EUR 6.3 billion, with non-consolidated partnerships taken at 100%. While the second quarter showed good growth, Ageas benefited from an especially strong first quarter. Higher new business sales mostly originated from Mainland China and Thailand resulting from successful sales campaigns and continued channel development, including a strong increase in the number of agents. Renewal premiums were again up significantly (+17%) to EUR 2.8 billion benefiting from strong sales last year and continued good persistency across all entities."
Please visit http://www.ageas.com for full details of the press release.
1. All 6 month 2014 data are compared to the 6 month 2013 figures unless otherwise stated.