Personal and commercial insurer Ageas has reported a Group net result of €203 million for the third quarter of 2020, driven by strong performance in its non-life business.
Looking at the first nine months of the year, the net result stands at €994 million, to a large extent supported by the positive result of the General account following the gain on the FRESH transactions.
For the 9M period, the net results for non-life business (including reinsurance) grew significantly to €311 million due to a strong performance across all segments and a lower claims frequency compensating for the impact of the adverse weather in Belgium and UK.
Ageas’ life net result for the same period was €426 million affected by Covid-19 related impact on the investment result.
Group inflows for the nine-month period were down 2% to €27.9 billion, as a 1% increase to €5.1 billion in non-life inflows was offset by a 3% downturn to €22.8 billion in life.
“I am very pleased that even in these persistently challenging times caused by the pandemic, our activities continue to show strong resilience,” said Ageas CEO Hans De Cuyper.
“The third quarter saw inflows increase in most segments and an improved underlying operational performance in both Life and Non-Life. Specific impairments on equity in Asia and lower recurring investment income from dividends and real estate revenues resulted in slightly lower insurance net profits.”
“Year-to-date profits as well as our solvency and cash position remain strong,” De Cuyper went on.
“Consequently, and assuming no material impact from the financial markets in the last weeks of the year, we remain confident that we will be able to achieve a result close to our initial guidance. I want to thank all our employees and partners for their commitment in helping all our customers and engagement towards society through these exceptional times.”
