Delta Lloyd Group posted a sharp rise in revenues of 24% in the first half of 2003.
Delta Lloyd Group posted a sharp rise in revenues of 24% in the first half of 2003. Gross premium income increased over 21% to EUR 2.8 billion, mainly due to the consolidation of Delta Lloyd ABN AMRO Insurance. Investment income also showed a substantial rise to almost EUR 1 billion (+31%).
The increase in revenues clearly reflects the strong strategic position of Delta Lloyd Group in the Netherlands. Delta Lloyd Group serves its clients through three distribution channels and three brands: Delta Lloyd (intermediary), OHRA (direct) and ABN AMRO (bank-based).
The result in the first half of 2003 stayed behind. Operating result totalled at EUR 96 million, while net result amounted to EUR 18 million. The persistent difficulties on the financial markets, accompanied with falling interest rates, were the drivers behind this decline. In addition, extra provisions totalling EUR 67 million, partly for Life products with guaranteed elements and the intended closing of the Belgian General insurance activities, were charged to the profit & loss account.
Delta Lloyd Group’s position remains unaffectedly strong. The solvency of the Dutch insurance operations remains healthy, at 175%. Delta Lloyd Life and General Insurance received a Standard & Poor’s AA- (stable outlook) rating.
In view of the great sensitivity of the insurance business to stock market and interest rate movements, it is not possible to make any reliable statements regarding the year-end result for 2003.
Key figures
- Total Group revenues: EUR 3.9 billion (+24%)
- Total gross premium income: EUR 2.8 billion (+21%)
- Operating result: EUR 96 million (-28%)
- Result before taxation: EUR 51 million (-61%)
- Net result: EUR 18 million (-83%)
- Total assets under management: EUR 40.8 billion (+12%)
- Group capital and reserves: EUR 1.7 billion (+1%)
- Solvency of Dutch insurance operations: 175%
- BIS ratio Delta Lloyd Banking Division: 13.3
- Joint venture with ABN AMRO fully consolidated for the first time
This press release contains a summary with figures for Delta Lloyd Group (pp 2–8) and for the major divisions (pp 9-15). This press release - in Dutch and English - can be found at www.deltalloydgroup.com.
This press release is a translation of the original Dutch press release.
For more information, please contact David Brilleslijper, Manager Corporate Communication Delta Lloyd Group, tel. +31 (0)20 594 44 88