AGESY Ageas (PK)

Belgian insurer Ageas NV said the financial performance of its insurance activities "remained overall short of our expectations and financial targets."

Profit in fiscal year ended 2010 was EUR223 million, including a charge related to a legal dispute with the Dutch government over mandatory convertible securities.

Gross inflows amounted to EUR17.9 billion, up 14% from a year earlier.

MAIN FACTS:

-CEO Bart de Smet: "Overall, Ageas expects the commercial performance to be at least in line with 2010 and an improved financial performance barring significant events outside our control."

-FY result includes a negative non-cash charge related to the legal disputes with the Dutch State in particular the Mandatory Convertible Securities.

-At shareholders' equity level, a capital increase for a similar amount neutralized the charge taken. However, we also recognized the original EUR2 billion claim against ABN AMRO but have chosen for a prudent accounting and have subsequently provisioned the disputes awaiting further evolutions.

-Ageas proposes a dividend over 2010 payable in cash of EUR0.08 per share.

-Insurance net profit of EUR391 million, -23% due to scope changes and a nonrecurring tax benefit in 2009.

-By Brussels Bureau, Dow Jones Newswires; +322 741 1480;

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