Ageas: first quarter earnings up, boosted by China
(CercleFinance.com) - Belgian insurance group Ageas reported a higher profit for its first quarter, boosted by an exceptionally high contribution from China.
The group's net insurance profit rose by 35% in the first three months of the year to 299 million euros, from 222 million euros in the same period a year ago.
The group said profits at its Asian business were boosted by some exceptional items in China resulting from regulatory changes which led to a move away from high volumes of short-term single premium business towards regular premium products.
Ageas also said that profit at its Belgian business rose as inflows in both life and non-life businesses offset adverse weather conditions.
Shares in Ageas were up 1.2% on Euronext Brussels after these results.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The group's net insurance profit rose by 35% in the first three months of the year to 299 million euros, from 222 million euros in the same period a year ago.
The group said profits at its Asian business were boosted by some exceptional items in China resulting from regulatory changes which led to a move away from high volumes of short-term single premium business towards regular premium products.
Ageas also said that profit at its Belgian business rose as inflows in both life and non-life businesses offset adverse weather conditions.
Shares in Ageas were up 1.2% on Euronext Brussels after these results.
Copyright (c) 2018 CercleFinance.com. All rights reserved.