Continental bankassurance giant Fortis has reported a 7% rise in first quarter net operating profit to €831m (£530m) from €778m (£496m) during the same period in 2001. The group said this was its best-ever net operating profit for a single quarter.
The group's insurance business, including its life operations, saw its net operating profit increase by 5% to €302m (£193m) while the banking arm's net operating profit rose by 12% to €586m (£374m).
A company statement said: "Barring unforeseen circumstances, Fortis is expected to achieve its financial target for this year of an increase in net operating profit per share of at least 12%."
Gross written premiums for the non-life business rose 17% to €3.4bn (£2.2bn) but the non-life combined ratio worsened: it rose to 104%, from 103% during the first quarter of 2001.
Fortis said all its non-life lines of business achieved good technical results but added that the success of its UK operations had been "partially undone by negative developments in Fire".
