Dutch insurer Fortis has revealed it expects to report a drop of about 80% in operating earnings during 2002.

Fortis attributes the fall to investment writedowns.

However the insurer will post profit before taxes and interest of at least £260m, said chief financial officer Gilbert Mittler.

Fortis said its stock market losses fell by E400m (£262m) in the fourth quarter. The company had operating earnings of E2.27bn (£1.48bn) in 2001.

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