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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.

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