Fortis Holding, the insurance company comprising the remains of the former Benelux financial-services giant, said Tuesday that net profit for the third quarter was €196 million ($293.5 million), helped by stable insurance inflows that allowed the company to confirm its full-year outlook.
The company, which now holds the rump of the Belgian insurance business as well as international insurance activities and an investment portfolio, said net profit in its insurance activities was €143 million for the quarter, up from an estimated €12 million a year earlier.
Highlights :
- Year-to-date total gross inflow, including non-consolidated joint ventures at 100%, of EUR 11.4 billion, in line with last year ; third quarter gross inflow of EUR 3.5 billion, up 1% year-on-year. Year-to-date total gross inflow of nonconsolidated joint ventures of 100% at EUR 2.8 billion, third quarter gross inflow of EUR 0.9 billion.
o Year-to-date Life gross inflow of EUR 9.1 billion (+1%); Third quarter gross inflow EUR 2.8 billion (+2%);
o Year-to-date Non-Life gross written premiums of EUR 2.3 billion (-1%); Third quarter gross written premiums of EUR 0.7 billion (-3%);
- Year-to-date net profit Insurance after minorities of EUR 371 million (AG Insurance EUR 301 million and Fortis Insurance International EUR 70 million); Third quarter net profit Insurance after minorities of EUR 143 million;
- Year-to-date net profit General of EUR 711 million; Third quarter net profit of EUR 53 million, including a EUR 83 million positive impact on revaluation call option on BNP Paribas shares;
- Capital position remained strong; Total insurance solvency ratio at 232%.
CEO Bart De Smet said: “Our insurance operations continued to perform well in the third quarter and remain solid and stable. We continue to expect inflows for the full year to be at least in line with last year. On 25 September we published the conclusions of our strategic review. We have announced new partnerships in the UK and Italy, we demonstrated the creation of value in Thailand and decided to sell or discontinue subscale operations such as Luxemburg Non-Life and Russia. Each of these developments illustrates our firm commitment to execution and the proactive development of our insurance portfolio going forward. We will continue to manage the company in such a way that Fortis is and remains a solid and prudently managed international insurer”.
Insurance net profit year-to-date of EUR 371 million
Group net profit of EUR 1,082 million
Highlights
Year-to-date total gross inflow, including non-consolidated joint ventures at 100%, of EUR 11.4 billion, in line with last
year ; third quarter gross inflow of EUR 3.5 billion, up 1% year-on-year. Year-to-date total gross inflow of nonconsolidated
joint ventures of 100% at EUR 2.8 billion, third quarter gross inflow of EUR 0.9 billion.
o Year-to-date Life gross inflow of EUR 9.1 billion (+1%); Third quarter gross inflow EUR 2.8 billion (+2%);
o Year-to-date Non-Life gross written premiums of EUR 2.3 billion (-1%); Third quarter gross written premiums of
EUR 0.7 billion (-3%);
Year-to-date net profit Insurance after minorities of EUR 371 million (AG Insurance EUR 301 million and Fortis
Insurance International EUR 70 million); Third quarter net profit Insurance after minorities of EUR 143 million;
Year-to-date net profit General of EUR 711 million; Third quarter net profit of EUR 53 million, including a EUR 83 million
positive impact on revaluation call option on BNP Paribas shares;
Capital position remained strong; Total insurance solvency ratio at 232%.
CEO Bart De Smet said: “Our insurance operations continued to perform well in the third quarter and remain solid and
stable. We continue to expect inflows for the full year to be at least in line with last year.
On 25 September we published the conclusions of our strategic review. We have announced new partnerships in the UK
and Italy, we demonstrated the creation of value in Thailand and decided to sell or discontinue subscale operations such as
Luxemburg Non-Life and Russia. Each of these developments illustrates our firm commitment to execution and the proactive
development of our insurance portfolio going forward. We will continue to manage the company in such a way that Fortis is
and remains a solid and prudently managed international insurer”.
