International insurance group Ageas has outlined the culprits from which its third quarter results have taken a hit.
Ahead of the release of the company’s nine-month interim financials on November 9, Ageas stated: “On August 10, 2022, while commenting on the first half year 2022 performance, Ageas confirmed its guidance of €1 billion for the full year 2022 result excluding the impact from RPN(i) and under the reserve of the impact of extreme negative developments in the financial markets.
“Since that time, inflation has further developed and equity markets in China have been particularly volatile. The impact of these developments could not be compensated for by the solid underlying performance.”
Ageas did not elaborate on its underlying performance, and no further details of how the Belgian insurer fared in Q3 were provided.
The business noted, though: “The impact on the group’s net result through negative net capital gains including IFRS impairments in Asia, and the high inflation in the UK and Türkiye amounts to €175 million over the third quarter 2022.
“Based on the strength of the balance sheet and the group’s solid net cash position, Ageas maintains its dividend outlook for the year of a DPS (dividend per share) growth of 9%, including a €1.5 interim dividend to be paid later this week.”
Made up of about 40,000 people, Ageas operates insurance businesses in Belgium, the UK, France, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines.