Ageas Posts 2011 Net Loss As Impairments On Greek Exposure Weigh
20 February 2012 - 6:39PM
Dow Jones News
Belgian insurance company Ageas NV (AGS.BT) posted Monday a
EUR578.2 million net loss for 2011, as impairments on its exposure
to Greek sovereign bonds weighed heavily on its numbers, despite a
strong improvement in the last quarter of the year.
The Brussels-based company, which is the insurance heir to
financial giant Fortis, said impairments due to the Greek sovereign
exposure amounted to a total of EUR627 million in the year.
Ageas posted a EUR223.1 million net profit in 2010.
"2011 has been marked by a tough financial environment," Chief
Executive Bart De Smet said in a statement. The year "has been
marked by the continued negative trend of the financial markets and
fierce competition from bank products and sovereign states," the
company explained in the same statement.
-By Alessandro Torello, Dow Jones Newswires; +32 2 741 14 88;
alessandro.torello@dowjones.com
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