The year results of Fortis were eventually very good and promising if we look back on the problems the company has had the last few years. Last year, in 2009, the Fortis Holding had a net profit of 1.2 billion Euros. The company is clearly on the right track again and has even decided to pay a dividend of 8 cents to its shareholders.
Although I've mentioned that the Fortis Holding, soon to become ageas, is back on the right track, there are some key notes. First of all, the net profit was elevated because 25 percent of AG - which is the core business of the company - was sold to third parties. Last mentioned added 456 million Euros to the net profit. Secondly, the Belgian subsidiary AG Insurance and the life insurance division experienced a very striking expansion. Finally, the profit of the damage insurance division was put back by approximately 50 percent.
As mentioned earlier, the Fortis Holding wants to take a new start. That's also the reason why the company's name will be changed into ageas. You're probably thinking: Okay big deal, what's the problem? Well, the problem is that Fortis Holding can't just simply let go of the past. In the next paragraph I'll tell you why.
Fortis has been fined by AFM, this is the Dutch consumer organisation for the financial markets. The abreviation stands for Authority Financial Markets and AFM has fined Fortis for spreading deceiving information to its shareholders. More specificly, former CEO Jean-Paul Votron held a press conference on the 5th of June 2008 in which he claimed that Fortis was financially very healthy. It has also withheld valuable information from its shareholders.
The fine amounted to 576,000 Euros, this is one of the reasons why the Fortis Holding doesn't agree with this penalty. In the article it's also mentioned that this measure is a real breakthrough for everyone who has lost a lot of money after investing in Fortis Holding.
I must say I really support this vision of AFM. In my opinion, and the opinion of several thousands, this measure had to be taken in order to punish Fortis Holding for the damage it has caused in the past. While the figures were very bad, Jean-Paul Votron has definitely told a lot of things that deceived a large number of stake- and shareholders. In his position, I really think this wasn't appropriate in any way whatsoever.
Have you taken a closer look at the high net profit of the Fortis Holding? If the government hadn't taken any further measures to safeguard banks like Fortis, they would have had nothing at all at this moment. So I think as a government, you also need to be there for the regular citizins, the Joe Sixpack, as Americans call it. This is what most people actually think... (!)
But! Ofcourse there's a difference between Fortis and Fortis Holding and many people don't see the difference between them. The fact that Fortis Holding is changing its name, also means that they want to deal with the problems concerning associations between the two of them. I must say I am a bit surprised by the amount of profit the Fortis Holding has stated. The fact that they are giving a dividend of 8 cents per share is also a sign that things are going better and better as time goes by.
As mentioned earlier, the Fortis Holding wants to take a new start. That's also the reason why the company's name will be changed into ageas. You're probably thinking: Okay big deal, what's the problem? Well, the problem is that Fortis Holding can't just simply let go of the past. In the next paragraph I'll tell you why.
Fortis has been fined by AFM, this is the Dutch consumer organisation for the financial markets. The abreviation stands for Authority Financial Markets and AFM has fined Fortis for spreading deceiving information to its shareholders. More specificly, former CEO Jean-Paul Votron held a press conference on the 5th of June 2008 in which he claimed that Fortis was financially very healthy. It has also withheld valuable information from its shareholders.
The fine amounted to 576,000 Euros, this is one of the reasons why the Fortis Holding doesn't agree with this penalty. In the article it's also mentioned that this measure is a real breakthrough for everyone who has lost a lot of money after investing in Fortis Holding.
I must say I really support this vision of AFM. In my opinion, and the opinion of several thousands, this measure had to be taken in order to punish Fortis Holding for the damage it has caused in the past. While the figures were very bad, Jean-Paul Votron has definitely told a lot of things that deceived a large number of stake- and shareholders. In his position, I really think this wasn't appropriate in any way whatsoever.
Have you taken a closer look at the high net profit of the Fortis Holding? If the government hadn't taken any further measures to safeguard banks like Fortis, they would have had nothing at all at this moment. So I think as a government, you also need to be there for the regular citizins, the Joe Sixpack, as Americans call it. This is what most people actually think... (!)
But! Ofcourse there's a difference between Fortis and Fortis Holding and many people don't see the difference between them. The fact that Fortis Holding is changing its name, also means that they want to deal with the problems concerning associations between the two of them. I must say I am a bit surprised by the amount of profit the Fortis Holding has stated. The fact that they are giving a dividend of 8 cents per share is also a sign that things are going better and better as time goes by.
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