Ageas: nine-month profit rises on non-life business
(CercleFinance.com) - Belgian insurer Ageas has reported higher nine-month earnings, mostly driven by the strength of its non-life business.
Net profit for the first nine months of 2020 came in at 994 million euros, compared with 877 million euros a year ago, the company said in a press release on Friday.
The net result of its non-life unit - including reinsurance - grew from 202 million euros to 311 million euros from January to September, thanks to lower claims, which more than offset the impact of adverse weather conditions in Belgium and UK, the group said.
However, the net income of its life business fell to 426 million euros, from 667 million euros a year ago, hit by a Covid-19 related impact on the investment result, Ageas noted.
For the third quarter, group net profit fell by 25% to 203 million euros, due to impairments on equity in Asia and lower recurrent investment income from dividends and real estate revenues, it said.
The results were welcomed by investors, with the share up nearly 1% on Euronext Brussels on Friday morning.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Net profit for the first nine months of 2020 came in at 994 million euros, compared with 877 million euros a year ago, the company said in a press release on Friday.
The net result of its non-life unit - including reinsurance - grew from 202 million euros to 311 million euros from January to September, thanks to lower claims, which more than offset the impact of adverse weather conditions in Belgium and UK, the group said.
However, the net income of its life business fell to 426 million euros, from 667 million euros a year ago, hit by a Covid-19 related impact on the investment result, Ageas noted.
For the third quarter, group net profit fell by 25% to 203 million euros, due to impairments on equity in Asia and lower recurrent investment income from dividends and real estate revenues, it said.
The results were welcomed by investors, with the share up nearly 1% on Euronext Brussels on Friday morning.
Copyright (c) 2020 CercleFinance.com. All rights reserved.