Life insurance activities contributed €205m
($253.3m) to Ageas’s net profit for H1 2012 compared to €52m
in H1 2011, a rise of 294%, which was mainly driven by strong
results in Asia.
Ageas generated €127.7m in gross written
premiums for life insurance in Asia during H1 2012, 19% higher than
in the same period last year.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
In China, Ageas’s life
inflows increased 21% year-on-year (YoY) to €2.4
bn. Ageas said the strong focus on building a book of higher-margin
recurring premiums combined with excellent persistency is paying
off in a 33% increase of regular premium income to € 1.8
billion.
Meanwhile, In Thailand life insurance inflows
for Areas rose 33% YoY to €588m. Ageas said the growth originated
from productivity improvements in both the bank and agency channels
and a gradual increase in the number of agents.
UK results
In the UK, Ageas’s gross inflows for life
insurance amounted to €38m for the first half of this year, up 74%
from the same period last year. According to Ageas, this
growth reflected the continuing take-up of Ageas’s protection
products among independent financial advisers, together with the
broadening of its distribution through affinity partnerships.
Commenting on the figures, Bart De Smet, CEO
of Ageas, said: “Our insurance activities performed strongly with
increased inflow levels and a higher net profit across all
segments, continuing the positive momentum of the first
quarter.”
De Smet added: “In Life, results came in much
higher than last year when results were heavily impacted by the
Southern European debt crisis.”
