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Belgian insurer Ageas hit by British flood damage
May 14, 2014 / 5:58 AM / 4 years ago

Belgian insurer Ageas hit by British flood damage

BRUSSELS, May 14 (Reuters) - Belgian insurer Ageas reported worse-than-expected net profit for its insurance operations in the first quarter, as its British operations posted a loss in the wake of heavy storms and floods at the start of the year.

The company, which sells home and motor insurance for supermarket group Tesco, said its British operations posted a 6.5 million euro operating loss in the first quarter, as the storm damage had an impact of 35 million euros.

The group’s life insurance unit improved its net income, however, as it paid lower taxes in Belgium and France and its Asian business gained momentum, especially in China and Thailand.

Overall, the group’s net insurance profit fell 8 percent in the first quarter to 144.8 million euros ($198.47 million), below the 158 million expected in a Reuters poll of seven analysts. ($1 = 0.7296 Euros) (Reporting by Robert-Jan Bartunek; editing by Philip Blenkinsop)

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