BRUSSELS (Reuters) - Belgian insurer Ageas (AGES.BR) reported a far higher-than-expected net profit of its insurance business in the third quarter on Wednesday, boosted by strong profit growth in Asia and continental Europe and a solid home market.
Net insurance profit rose 23 percent in the third quarter to 241 million euros (212.25 million pounds), well above the 193 million expected in a Reuters poll of five analysts.
Results in Belgium were far better than expected, largely due to a solid performance in motor and household insurance.
In its Continental Europe unit, Ageas benefited from strong growth in non-life insurance in Portugal, with increased sales on healthcare, motor and household policies.
The only profit decline in the third quarter came from its British business, where a change to the way compensation payments are calculated in personal injury claims again weighed on profits.
Reporting by Robert-Jan Bartunek; editing by Philip Blenkinsop