Delta Lloyd group further strengthened its position in the first half of 2004.
Delta Lloyd group key figures for first six months of 2004
- Operating result €184 million (+ 79%)
- Result before taxation €151 million (*)
- Net result €90 million (*)
- Total Group income €4.3 billion (+ 10%)
- Total gross premium income €3.1 billion (+ 9%)
- Shareholders’ funds €2.3 billion (+ 34%)
- Total assets under management €43.5 billion (+ 7%)
- Solvency of Dutch insurance operations 223% (year-end 2003: 211%)
- BIS-ratio of Delta Lloyd Banking Division 12.5 (year-end 2003: 14.4)
Sharp rise in operating result to €184 million
Delta Lloyd group further strengthened its position in the first half of 2004. Both premium income (+9%) and total income (+10%) showed healthy growth. Profitability increased sharply relative to the first half of 2003, up to €151 million before tax and €90 million after tax. (*)
Premium income showed a strong increase of 21% at Delta Lloyd Life, mainly due to the higher number of group contracts. Premium income from life business in Germany and Belgium also developed positively, rising 18% and 21% respectively. NAPI of the total life business advanced 10% to € 210 million (see page 9 for details).
Premium income from general insurance operations showed significant growth. ABN AMRO Insurance, which almost doubled gross premium income, was the prime contributor to this performance. New general insurance business increased sharply from €56 million to €85 million. Premium income from care business was marginally lower. The 12% rise in premium income at OHRA Care did not fully offset lower income at Delta Lloyd Care following the termination of underwriting activities.
The other activities also developed favourably in the first half of the year. Assets under management showed marked growth, particularly as a result of the conclusion of a number of large group contracts at the beginning of this year. Net new assets amounted to €767 million, compared to €340 million a year earlier. Delta Lloyd Banking succeeded in further strengthening its position in the mortgage market as well as its profitability.
(*) In line with the pending changes in future regulations, Delta Lloyd adopted new accounting policies with effect from the 2004 financial year. Under the new policies, all realised investment gains and losses on shares and property are recognised directly in the profit and loss account. To this end, the net result for 2003 has been restated based on the new regulations, and is not directly comparable with previous disclosures. Apart from that these changes do not affect the level of shareholders’ funds of the Group.
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For more information, please contact:
Delta Lloyd Corporate Communications
David Brilleslijper tel: +31-(0)20 594 448