Statement re Eureko BV
Banco Comercial Portugues S.A.
25 February 2002
(Lisbon, February 25, 2002) On behalf and at request of our participated company
Eureko B.V., and given its relevance to Banco Comercial Portugues (BCP, NYSE:
BPC, BCPPRA), we herein distribute the preliminary 2001 full year earnings of
the company:
EUREKO MAKES PRELIMINARY ANNOUNCEMENT
OF RESULTS FOR YEAR ENDING 31 DECEMBER 2001
Eureko B.V. today made a preliminary announcement of its unaudited results for
the year ended 31 December 2001. Full disclosure will be made on 15 March 2002
at a Press Conference to be held in Amsterdam.
Financial Highlights:
Consolidated Net Income of EUR 210.6 million, down by 59.7% (Net Income in 2000:
EUR 521.0 million);
Significant variances in the Results were experienced when compared with last
year's - a difference (negative) of EUR 121.2 million in normalised investment
income, incurred restructuring costs of EUR 64.1 million and an increase in
interest expenses of EUR 36.3 million and value-in-force amortisation of EUR
11.5 million associated with the Group's acquisitions;
Total gross written premiums up by 8.7% to EUR 7,310 million;
Life gross written premiums up 9.6% at EUR 4,156 million;
Non-Life gross written premiums up 4.4% at EUR 1,621 million;
Health gross written premiums up 11.0% at EUR 1,533 million;
Assets under management down by 5.3% at EUR 112.3 billion
(2000: EUR 118.6 billion)
ROE of 6.6% (2000: 13.6%);
Earnings per share at EUR 1.03;
Key events in 2001;
Launch of a world class asset manager with the completion of the integration of
the asset management activities under F&C
Acquisition of a controlling stake in Interamerican Hellenic Life Insurance
Company
Agreement reached with the Polish government to acquire an incremental stake
of 21% in PZU
Eureko's personal lines and retail focus allowed it to remain unaffected in a
direct way by the events of 11 September 2001
Commenting on Eureko's activity, Arnold Hoevenaars, C.E.O. and Chairman of the
Executive Committee, said: 'We saw 2001 as an eventful and turning point in
Eureko's history. Our Group has seen considerable changes and very strong
development, firmly laying the foundations for building a leading European
insurance and asset management group. But, at the same time, our performance
showed that we must be more demanding both in terms of defining and achieving
our growth and synergy targets and in terms of the pace in which we set up pan-
European initiatives to fulfill our group ambition.'
On the Group's operational performance, Mr. Hoevenaars said: 'Our insurance
activities proved resilient in a difficult industry and market environment, most
notably so in non-life insurance where we have seen continued improvement in our
technical results. Life and health insurance saw stronger growth rates, in
particular in the second half of 2001. Better claims experience was offset by
lower investment income, as a result of poor performance of the financial
markets, which has also impacted our asset management activities and led to a
lower contribution to our results. In banking, generally lower trading
activities and strong competition explain the decline experienced in the net
result of our operations. The prospect of economic recovery in Europe to begin
in 2002 will likely have a positive impact on our businesses. We are confident
that our determined approach to build a high quality and efficient financial
services group will be successful in terms of realising our value creation
targets.'
Amsterdam, 25 February 2002
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