Reshaped Fortis is in the black after strong inflows

BELGIAN insurer Fortis yesterday unveiled a profit for the third quarter and said revenues in 2009 would at least match last year&rsquo;s.<br /><br />The former Dutch-Belgian banking and insurance group, which was broken apart after becoming one of Europe&rsquo;s largest victims of the global financial crisis, said net profit totalled &euro;196m (&pound;173m) between July and September.<br /><br />The group said gross inflows had risen one per cent in the year to date in life insurance and fallen one per cent in non-life.<br /><br />&ldquo;Our insurance operations continued to perform well in the third quarter and remain solid and stable,&rdquo; chief executive Bart De Smet said.<br /><br />&ldquo;We are confident inflows by the end of the year will be at least at the level of last year.&rdquo;<br /><br />Analysts said the numbers were evidence that the Belgian insurer was stabilising after a year of upheaval.<br /><br />The Belgian arm of what remains of the former Low Countries financial powerhouse is primarily an insurance business with a dominant position in Belgium and operations in Europe and Asia.<br /><br />The Fortis group was broken up along national lines last October after a partial nationalisation by the governments of Belgium, Luxembourg and the Netherlands.