Belgian-Dutch banking and insurance group Fortis has posted a slide in its 2002 profits and forecast a downbeat assessment of the year ahead.
Delivering its 2002 results statement Fortis declined to give an earnings forecast for 2003. Net operating profit fell 2% to €1.92bn (£1.3bn) over the year.
Fortis' insurance arm felt the effect of a €1.8bn (£1.23bn) slump in the value of the company's equity portfolio as it reported a net operating loss of €616m (£420.9m), compared with a profit of €1.2bn (£820.1m) the previous year.
Chief executive Anton van Rossum said 2003 would be marked by "great uncertainty".
He said: "The final outcome of all external factors is difficult to predict. It is therefore unrealistic at the moment to give guidance on the results of 2003."
However, the group did offer investors a strong full-year dividend of €0.88 (£0.60).
