Ageas: H1 net income up 31%
(CercleFinance.com) - The Belgian insurance company Ageas has reported a 31% increase in H1 2020 net income to 791 million euros, including the 332 million euro capital gain recorded on the FRESH transactions.
Non-life net income increased by 56% to 181 million euros, driven by the favourable impact of lockdown measures, while life net income declined by 36% to 310 million euros, weighed on by the impact of Covid-19 on investment income.
"Without material negative impact from the financial markets in the coming months, we feel confident we will be able to achieve a result close to our initial guidance, excluding the positive one off impact from the FRESH operation," said CEO Bart De Smet.
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Non-life net income increased by 56% to 181 million euros, driven by the favourable impact of lockdown measures, while life net income declined by 36% to 310 million euros, weighed on by the impact of Covid-19 on investment income.
"Without material negative impact from the financial markets in the coming months, we feel confident we will be able to achieve a result close to our initial guidance, excluding the positive one off impact from the FRESH operation," said CEO Bart De Smet.
Copyright (c) 2020 CercleFinance.com. All rights reserved.