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6 months ago
UK restructuring, lower capital gains push down Ageas Q4 results
February 15, 2017 / 7:10 AM / 6 months ago

UK restructuring, lower capital gains push down Ageas Q4 results

BRUSSELS, Feb 15 (Reuters) - Belgian insurance group Ageas reported on Wednesday fourth-quarter insurance profit well below expectations as the group faced restructuring costs in Britain and lower profits in Belgium and Asia.

The group had already announced one-off losses of in the final quarter, related to the restructuring of its operations in Glasgow, its special risks business, anticipated changes to the British regulatory environment and Asian equity impairments.

The group said on Wednesday it also faced lower capital gains in Belgium for its life insurance business, although profits from its non-life business in the country increased.

Overall, net profit from insurance activities fell 87 percent in the fourth quarter to 17.9 million euros ($18.94 million), well below the 43.7 million expected in a Reuters poll. ($1 = 0.9452 euros) (Reporting by Robert-Jan Bartunek; editing by Philip Blenkinsop)

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