Fortis N.V. is an international provider of insurance services to personal, business and institutional customers. As of the end of March 2009, Fortis divided its activities into three business lines. Fortis Insurance Belgium specializes in life and non-life insurances, distributing its products through the network of Fortis Bank and independent insurance brokers. Fortis Insurance International provides its products and services via its subsidiaries in the United Kingdom, France, Hong Kong, Luxembourg, Germany, Turkey, Russia and Ukraine, as well as through its joint ventures in Luxembourg, Portugal, China, Malaysia, Thailand and India. The General Account business line mainly comprises activities not related to the core insurance business, such as group finance and other holding activities. In May 2009, BNP Paribas SA approved the transfer by SFPI, a wholly wned Belgian State company, of 54.55% of shares and voting rights of Fortis SA/NV to BNP Paribas SA.
Quick Financial Synopsis
BRIEF: For the six months ended 30 June 2009, Fortis N.V.'s interest income decreased 3% to EUR1.65B. Net interest income after loan loss provision increased 16% to EUR1.65B. Net income from continuing operations increased from EUR25M to EUR886M. Total interest income reflects an increase in demand for the Company's products. Net income from continuing operations benefited from increased insurance premiums and higher commissions income.