Ageas: third-quarter profit up significantly

(CercleFinance.com) - Belgian insurance group Ageas on Wednesday reported a "significantly higher" net profit for its third quarter, help by capital gains in China.


For the group as a whole, net insurance profit rose by 27% to 271 million euros, from 214 million euros a year ago.

"We delivered another solid operating performance this quarter," Ageas CEO Bart De Smet said.

Thanks to the positive impact from Chinese equity markets in the past quarter, the insurer realised significant capital gains.

The group said it also benefited from a strong increase in inflows, which rose by 13% to 7.5 billion euros.

Ageas also cited the solid result of its Asian life operations and a strong operating performance in non-life, especially in Belgium and Continental Europe.

The share was down around 1.5% on Euronext Brussels after these results.

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