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Ageas: third-quarter ahead of consensus, aided by Asia.

(CercleFinance.com) - Belgian group Ageas on Wednesday reported strong results from insurance activities in the third quarter, aided by the growth of its franchise in Asia.

The former insurance unit of Fortis said insurance net profit for the past quarter was "excellent" at 241 million euros, while consensus was just expecting 194 million euros, driven once more by a solid non-life result.

"All divisions performed better than expected, with Asia beat aided by markets," said analysts at UBS, noting that its Chinese joint venture Taiping Life profit has doubled year-on-year.

The group said profits at its Asian business were boosted by growth in new business while renewal premiums remained good.

Ageas also said it took an additional provision of 100 million euros to address the Fortis settlement.

Several shareholders complained there had been mismanagement at Fortis, including with respect to its communication to investors and the financial market prior to the 2008 crisis.

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