November 8, 2017 / 7:03 AM / in a year

Ageas third-quarter results above forecasts on strong Europe, Asia

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.

FILE PHOTO - The logo of Belgian insurance group Ageas is pictured at the company's headquarters in Brussels, Belgium, February 29, 2016. REUTERS/Francois Lenoir/File Photo

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

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