We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
China Distance Education Holdings Limited | NYSE:DL | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.73 | 0 | 01:00:00 |
Update on acquisition by NN Group
During the first quarter, we continued to deliver on management priorities of capital, performance and customer and also initiated high-level preparations for the integration with NN Group. On 7 April, the offer by NN Group became unconditional and following the post-closing acceptance period, 93.3% of the Delta Lloyd ordinary shares had been tendered to NN Group. On 10 April, NN Group bought the subordinated loan and related preference shares A from Stichting Fonds NutsOhra. The legal merger preparations continue and are anticipated to be completed ultimately on 3 August 2017. Delisting of Delta Lloyd shares will take place as per the date of completion of the legal merger. From the second quarter 2017, our results will be reported as part of NN Group.
In April, senior leaders from both companies were appointed to roles in the combined business. Going forward, both companies will align and integrate their operations in the Netherlands and Belgium, to fully benefit from the additional scale, capabilities, combined reach and resources.
Financial and operational performance
Over the first three months, the Standard Formula solvency ratio was stable at 144% (year-end 2016: 143%), and within our target range of 140-180%. During the quarter, available own funds were down modestly, reflecting higher interest rates and higher credit spreads, while capital requirements also reduced, reflecting higher interest rates. Together these effects resulted in an overall stable solvency ratio and a modest increase in non-eligible capital.
Volume of life new business (SII NAPI) decreased to € 119 million (3M 2016: € 132 million), mainly reflecting lower Defined Benefit business in Belgium and the Netherlands. We delivered higher Defined Contribution volumes.
The combined ratio (COR) at 97.9% was just below our target of 98% or better across the cycle. During the quarter we saw some underlying improvement compared to last year (year-end 2016: 105.4%), reflecting actions on costs, pricing and our exiting of unprofitable and unattractive business segments. However, the COR in Property & Casualty remains high at 104.8%, reflecting adverse claims experience in Fire and the brokers (beurs) channel. The COR in Income & Protection decreased by 8pp to 65.3%, due to prior year reserve releases. GWP in General Insurance decreased to € 447 million (3M 2016: € 465 million), reflecting actions to exit unprofitable and unattractive business segments.
Total assets under management were down modestly at € 69 billion (year-end 2016: € 71 billion), reflecting net outflows and the effect of higher interest rates on the fixed income portfolios. The production of new mortgages at Delta Lloyd Bank increased to € 356 million (3M 2016: € 289 million).
More information about this press release:
Media Relations +31 (0)20 594 44 88
mediarelations@deltalloyd.nl
Investor Relations +31 (0)20 594 96 93
ir@deltalloyd.nl
This press release has been issued as Delta Lloyd has ongoing listing obligations. There will be no analyst or wires call regarding the results disclosed today. Investors and representatives of the press may contact Delta Lloyd Investor Relations or Media Relations for enquiries. It is anticipated that the delisting of Delta Lloyd will be completed ultimately on 3 August 2017. From the second quarter of 2017, the Delta Lloyd results will be reported as part of NN Group and the numbers will be reported on NN Group accounting principles. The results presented in this document are based on Delta Lloyd accounting principles.
About Delta Lloyd NVDelta Lloyd offers products and services in insurance, pensions, investment and banking, serving 4.2 million commercial and retail clients in The Netherlands and Belgium. Our four brands are Delta Lloyd, ABN AMRO Insurance, BeFrank and OHRA. Delta Lloyd is listed on Euronext Amsterdam and Brussels, and included in the DJSI World and DJSI Europe.
Financial tables
1. Key performance indicators | |||
(in millions of euros, unless otherwise stated) | 3M 2017 | 3M 2016 | Change |
Solvency II Standard formula (SF) ratio | 144% | 143%* | 1.8pp |
Solvency II NAPI | 119 | 132 | -10% |
NAPI Netherlands | 51 | 42 | 22% |
NAPI Belgium | 68 | 90 | -25% |
Combined ratio | 97.9% | 97.0% | 0.9pp |
GWP General Insurance | 447 | 465 | -4% |
* Compared to year end 2016
2. Solvency II - Standard Formula | |||
(in millions of euros) | 3M 2017 | FY 2016 | Change |
Available Own funds | 4,439 | 4,483 | -1% |
Non eligible Own funds | 585 | 481 | 22% |
Eligible Own funds | 3,854 | 4,002 | -4% |
Required Economic Capital | 2,667 | 2,806 | -5% |
Surplus/Deficit | 1,186 | 1,197 | -1% |
SF ratio | 144% | 143% | 1.8pp |
3. Combined ratio | |||
3M 2017 | 3M 2016 | Change | |
Property & casualty | 104.8% | 101.8% | 3.0pp |
Income protection | 65.3% | 73.3% | -8.0pp |
Total COR | 97.9% | 97.0% | 0.9pp |
Important information
1 Year China Distance Education Chart |
1 Month China Distance Education Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions