Fortis has reported net profit attributable to shareholders OF E3.9 billion for fiscal 2007, 8% lower compared to 2006. The net profit includes a realized capital gain of E947 million on the sale of CaiFor. The group's net profit before the divestment of CaiFor was E3 billion.
Banking net profit for the year was E1.8 billion, down 44% due to subprime impairments. Full-year net profit before divestments in insurance reached E1.6 billion, up 12% despite impact of Windstorm Kyrill, UK floods and capital markets turmoil, driven by solid business performance and high capital gains.
Fourth-quarter net profit was E0.4 billion compared with net profit of E0.8 billion for the same quarter in 2006.
Jean-Paul Votron, CEO of Fortis, said: Our financial results carry the burden of impairments on our subprime CDO portfolio. But the continued focus on the fundamentals of our businesses as well as selective divestments allows us to confirm our confidence in our solvency and liquidity position.