Belgian insurance group Fortis reported third-quarter net profits in all divisions today, and said it expected 2009 inflows to at least match last year's levels.
The former Belgian bancassurance giant which was broken apart after becoming one of the Europe's largest victims of the global financial crisis, said net profit totalled €196 million in the July-September period, of which €143 million came from insurance.
"Our insurance operations continued to perform well in the third quarter and remain solid and stable. We continue to expect inflows for the full year to be at least in line with last year," chief executive Bart De Smet said in a statement.
The company said gross inflows rose 1 per cent in the year to date in life insurance and fell by 1 per cent in non-life. For Belgium, the figure was up 3 per cent, outside Belgium down 2 per cent.
The Belgian arm of the company is primarily an insurance business with a dominant position in Belgium and operations in Europe and Asia.
The part of the former Fortis insurance business now consolidated in Belgium made a profit of €106 million in the third quarter, the majority from its life operations.
The general division also made a profit - of €53 million - including an €83 million positive impact from revaluing a call option on BNP Paribas shares.
Fortis said its capital position remained strong with a total insurance solvency ratio of 232 per cent.
The Fortis group was broken up along national lines last October after a partial nationalisation by the governments of Belgium, Luxembourg and the Netherlands.
The Dutch state took control of the Netherlands operations. France's BNP Paribas took control of Fortis Bank and a quarter of Fortis Insurance Belgium.