China performance boosts Ageas results

May 17 2018 by InsuranceAsia News Staff

Global insurer Ageas posted a “very strong” performance for the first three months of this year, boosted by what it considered as exceptional results in China.

In a disclosure, Ageas said that the insurance net result in the first quarter of this year rose 35% to €299 million (US$354 million) against €222 million a year earlier.

The firm’s net result was at €248 million in the January-March period versus €110 million in the same period last year.

However, the Ageas report showed that life inflows went down 7% to €10.1 billion and non-life declined 3% at €1.7 billion.

In Asia, the insurer also posted lower inflows, mainly due to the anticipated decrease of single premium contracts in China.

However, the insurer’s very strong net result in the first quarter was driven by a high quarterly result in China.

Ageas CEO Bart De Smet (pictured) said that despite the impact of adverse weather in Belgium and in the UK, life and non-life businesses again delivered a solid performance.