Ageas: higher nine-month profit thanks to Belgium and Asia
(CercleFinance.com) - Belgian insurance group Ageas on Wednesday reported a "solid" profit for the first nine months of the year, helped by strong sales momentum in Belgium and China.
For the entire group, net income rose to 656 million euros, from 360 million euros in the first nine months of 2017.
However, the net result from insurance fell by 3% to 664 million euros, due to low net capital gains.
The group said results in life were not only impacted by lower net capital gains in Belgium, but also by recent challenging equity markets in Asia.
Ageas - which wants to prioritise growth markets and non-life activities - today announced the acquisition of a 40% stake in India's Royal Sundaram General Insurance, giving the group a foothold on the large and fast growing non-life market in India.
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