Highlights first three quarters of 2002 (in EUR million)
- Net Operating Profit before realised capital gains 1.610 +3%
- Net Operating Profit after realised capital gains 1.909 -8%
- Value adjustment of the equity portfolio (2.125)
- Net Operating Profit after value adjustment of the equity portfolio (216)
- Non Operating Items 129
- Net profit (87)
Fortis CEO Anton van Rossum comments: â€œThanks to the dedication of our staff, Fortis achieved a solid perfomance in the first nine
months of the year. Excluding realized capital gains net operating profit rose 3% relative to the first three quarters of 2001 â€“ Fortisâ€™s strongest nine-month period ever. However, due to the exceptional developments in the equity markets worldwide, as from mid-July the market value of the equity portfolio fell below its original cost for the first time in the history of Fortis. We took the difference to the profit & loss account per 30 September, the
market low, due to which we closed the first three quarters of 2002 with a net loss of EUR 87 million.
We expect net operating profit for the full year, excluding the value adjustment on the equity portfolio, to develop in line with the first three quarters.
Given the current outlook, our continued strong solvency, and barring unforeseen circumstances, the Board of Directors has the intention to propose paying a dividend on a par with that paid in 2001'.
For more information please visit www.fortis.com.