Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
<strong>Annual</strong> Report <strong>2005</strong>• The insurance activities have also achieveda very good year in <strong>2005</strong>. To remind,this segment includes only the “factory”operations (i.e. without the distributionin<strong>com</strong>e staying in the other business lines).For a <strong>com</strong>plete reading of the contributionof the insurance activities throughout theGroup, please refer to the Focus on insuranceactivities across the Group on pages 86-87.Within the business line, revenues amountedto EUR 221 million in the year, up 13.9%or up EUR 27 million <strong>com</strong>pared to 2004.Net in<strong>com</strong>e amounted to EUR 87 million,(+76.8% or EUR +38 million), owingparticularly to the positive influence offinancial revenues and lower taxes.UNDERLYING STATEMENT OF INCOME (excluding non-operating items)(in millions of EUR)2004 (1) <strong>2005</strong> Variation<strong>2005</strong>/2004In<strong>com</strong>e 630 701 +11.2%of which net <strong>com</strong>missions 192 238 +24.1%Costs (379) (423) +11.6%Gross operating in<strong>com</strong>e 251 278 +10.6%Cost of risk (1) 0 n.s.Impairments on (in)tangible assets 0 0 n.s.Tax expense (63) (42) -32.4%Net in<strong>com</strong>e 188 235 +25.3%Minority interests 9 6 -39.2%Net in<strong>com</strong>e – Group share 179 230 +28.6%Cost-in<strong>com</strong>e ratio 60.1% 60.4%ROEE (2) 24.7% 28.1%Allocated equity 724 819(1) Pro forma.(2) Return on economic equity.UNDERLYING CONTRIBUTION OF THE BUSINESS LINE SEGMENT UNITS(in millions of EUR)Asset management Fund administration Insurance2004 (1) <strong>2005</strong> 2004 (1) <strong>2005</strong> 2004 (1) <strong>2005</strong>Revenues 189 198 248 282 194 221Costs (94) (111) (171) (187) (114) (125)Gross operating in<strong>com</strong>e 94 87 77 95 80 96(1) Pro forma.89
Change language