Fortis, a provider of banking and insurance services, has reported that its net profit attributable to shareholders for the year 2007 reached E4 billion, 8% lower than in 2006 and including a realized capital gain of E947 million on the sale of CaiFor.
Total income at the banking business climbed 10% to E11.2 billion, with more than half the increase coming from the rise in net interest income and net commissions and fees and the rest from capital gains and the ABN AMRO businesses acquired.
At insurance business, total gross inflow grew by 9% to E18.7 billion. Life insurance business advanced 9% to E13.2 billion, as a result of the growth of bancassurance sales and the inclusion of the newly acquired Hong Kong life insurance business.
Non-life gross written premiums increased by 9% to E5.5 billion, based on strong margins and driven by product innovation across all countries.
Net underlying profit of the acquired ABN Amro activities, excluding a number of one-offs and integration costs, amounted to E1.36 million in 2007, up 17% from E1.16 million recorded in 2006. The ABN Amro activities acquired in mid-October 2007 contributed E179 million to Fortis’s net profit.