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Fortis Insurance posts profit in wake of €28bn loss

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by David Masters

Fortis Insurance has reported its 2008 results with a full year net profit of €6 million, which came despite €639 million of investment losses.

All of the insurance unit’s profit was made in its Belgium branch, with the international insurance business only breaking even.

The insurance unit’s profit was dwarfed, however, by the Fortis banking disaster which turned the €6 million profit into a €28 billion loss.

This loss is equivalent to €11.04 per share, and is compared to a €3.99 billion profit, or €2.04 per share, in 2007.

Fortis CEO Karel De Boeck said: “The operational results of our insurance companies were satisfactory taking into consideration the market turbulence and the uncertainty surrounding Fortis.

“It is now important to focus on the future.

“That future will include a careful review of the various options available to ensure that capital is employed effectively, including organic growth, acquisitions and the return of capital to shareholders.”

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News posted: March 31, 2009

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