November 8, 2017 / 6:59 AM / a month ago

Ageas Q3 results above forecasts on strong Europe, Asia

BRUSSELS, Nov 8 (Reuters) - Belgian insurer Ageas reported a far higher-than-expected net profit of its insurance business in the third quarter on Wednesday, boosted by strong profit growth in Asia and continental Europe and a solid home market.

Net insurance profit rose 23 percent in the third quarter to 241 million euros ($279.20 million), well above the 193 million expected in a Reuters poll of five analysts.

Results in Belgium were far better than expected, largely due to a solid performance in motor and household insurance.

In its Continental Europe unit, Ageas benefited from strong growth in non-life insurance in Portugal, with increased sales on healthcare, motor and household policies.

The only profit decline in the third quarter came from its British business, where a change to the way compensation payments are calculated in personal injury claims again weighed on profits. ($1 = 0.8632 euros) (Reporting by Robert-Jan Bartunek; editing by Philip Blenkinsop)

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