Adverse financial markets in China and the strong impact of inflation in the UK and Türkiye affect Ageas’s Q3 2022 net result. Dividend commitment maintained.
26 Oktober 2022 - 8:15AM
Adverse financial markets in China and the strong impact of
inflation in the UK and Türkiye affect Ageas’s Q3 2022 net result.
Dividend commitment maintained.
Adverse financial markets in China and the strong
impact of inflation in the UK and Türkiye affect Ageas’s Q3 2022
net result. Dividend commitment maintained.
On 10 August 2022, while commenting on the first
half year 2022 performance, Ageas confirmed its guidance of EUR 1
billion for the full year 2022 result excluding the impact from
RPN(i) and under the reserve of the impact of extreme negative
developments in the financial markets.
Since that time, inflation has further developed
and equity markets in China have been particularly
volatile. The impact of these developments could not be
compensated for by the solid underlying performance.
The impact on the Group’s net result through
negative net capital gains including IFRS1 impairments in Asia, and
the high inflation in the UK and Türkiye amounts to EUR 175 million
over the third quarter 2022.
Based on the strength of the balance sheet and
the Group’s solid net cash position, Ageas maintains its dividend
outlook for the year of a DPS2 growth of 9%, including an EUR 1.5
interim dividend to be paid later this week.
For any further detail, Ageas refers to its nine
months 2022 results publication on Wednesday 9 November 2022 at
07.30am CET.
- According to its
IFRS guidelines, Ageas accounts for an impairment on equities in
the following two situations:
- The value of an individual equity
at the closing date of a quarter is 25% or more below the
historical acquisition price
- The value of an individual equity
at the closing date of a quarter is consistently below the
historical acquisition price during 4 consecutive quarters.
- DPS: Dividend per share
Ageas is a listed international
insurance Group with a heritage spanning almost 200 years. It
offers Retail and Business customers Life and Non-Life insurance
products designed to suit their specific needs, today and tomorrow.
As one of Europe's larger insurance companies, Ageas concentrates
its activities in Europe and Asia, which together make up the major
part of the global insurance market. It operates successful
insurance businesses in Belgium, the UK, France, Portugal, Turkey,
China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia,
Singapore, and the Philippines through a combination of wholly
owned subsidiaries and long term partnerships with strong financial
institutions and key distributors. Ageas ranks among the market
leaders in the countries in which it operates. It represents a
staff force of about 40,000 people and reported annual inflows
close to EUR 40 billion in 2021 (all figures at 100%).
- Pdf version of the press release
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