Daily Insurance Industry News
 
 
Daily Insurance Industry News
Wednesday 18th of July 2018
March 31, 2009

Fortis’ insurance business shows profit as group posts €28bn loss

by Gill Montia

Story link: Fortis’ insurance business shows profit as group posts €28bn loss

Fortis has reported that its insurance business posted a net profit of €6 million in 2008, with earnings generated entirely by the group’s Belgium business, which had to accommodate a €534 million loss on its investment portfolio during the year.

Activity across Fortis Insurance International’s other businesses achieved “break-even”.

However, the troubled group, which became a casualty of the credit crisis last October, posted an overall loss of €28 billion for the year compared with a profit of €4 billion in 2007.

The 2008 result takes into account a write down of €27.4 billion in connection with the sale of the group’s banking arm, although this has been offset to an extent by a profit on the sale of the company’s Dutch insurance business.

Fortis’ chief executive officer, Karel De Boeck, describes the results as satisfactory “taking into consideration the market turbulence and the uncertainty surrounding Fortis”.

He points out that “total gross inflows were €14.6 billion despite challenging market conditions” and that the group’s solvency ratios remained “very strong”.

 

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