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FORTIS & N.V. AMEX REPORT RECORD HALF YEAR RESULTS

 FORTIS & N.V. AMEX REPORT RECORD HALF YEAR RESULTS
 THE NETHERLANDS, Sept. 10 /PRNewswire/ -- Fortis, the international


insurance and banking group representing the joint activities of N.V. AMEV and AG Group, and N.V. AMEV today announced results for the six months ended June 30, 1992.
 Fortis reported a first half profit of ECU 195.8 million (US$ 261.0 million/A/), an increase of 10 percent, as compared to ECU 177.4 million (US$236.5 million) for the same period in 1991. Operating results increased 18.1 percent to ECU 180.2 million (US$240.3 million from ECU 152.6 million (US$203.5 million) a year ago. Group equity as of June 30, 1992, was ECU 3.4 billion (US$4.5 billion), compared with ECU 3.2 billion (US$4.3 billion) at year-end 1991.
 Fortis' total revenues increased 25 percent in the first six months, the ECU 4.5 billion (US$6.1 billion) against ECU 3.6 billion (US$4.8 billion) for the same period a year ago.
 In the second half of 1992 results will be affected by the sharp fall in the value of the U.S. dollar exchange rate. Furthermore, the future development of realized capital gains and losses is difficult to predict. Although realized capital gains were higher in the first half year, Fortis does not expect capital gains in 1992, as a whole, to reach the levels attained in the past two years.
 Fortis remains confident in its earlier predication of an improvement in the full-year operating result and a slightly higher profit, barring unforeseen developments and further exchange rate movements.
 For the first half of the year, N.V. AMEV, one of the parent companies of Fortis, reported a profit of NLG 252.8 million (US$147.0 million /B/), an increase of 7.2 percent, compared to NLG 235.9 million in 1991 (US$137.2 million).
 AMEV earnings per share rose 5.5 percent to NLG 3.62 (US$2.10) from NLG 3.43 -- adjusted -- (US$1.99) in 1991.
 AMEV shareholders' equity at June 30, rose by NLG 228 million (US$132.6 million) to NLG 4.9 billion (US$2.8 billion) from NLG 4.7 billion (US$2.7 billion) at year end 1991. Shareholders' equity per share increased to NLG 69.98 (US$40.69) from NLG 67.67 -- adjusted -- (US$39.34). During the first six months of 1992, the number of ordinary shares outstanding increase to 69,421,315 from 68,283,261 as of Dec. 31, 1991. This increase reflects the issue of new shares in the form of stock dividend for 1991.
 On the basis of Fortis' prospects, N.V. AMEV expects that the earnings per AMEV share for 1992 will be at least equal to the earnings per share for 1991.
 Fortis is represented in the U.S. by Fortis, Inc., a company with annualized revenues of $2.5 billion and shareholders' equity in excess of $650 million. Fortis, Inc.'s parent companies are Holland-based N.V. AMEV and Belgium-based AG Group. N.V. AMEV's ADRs trade ot?he- counter on the NASDAQ system.
 NOTES:
 (A) All figures have been translated into U.S. dollars at June 30, 1992, US$1 equals ECU 0.75.
 (B) All figures have been translated into U.S. dollars at June 30, 1992, US$1 equals NLG 1.72.
 -0- 9/10/92
 /CONTACT: Meril Joseph of Fortis, Inc., 212-323-9806, or Matthew J. Harrington of Edelman Worldwide, 212-704-8103, for Fortis/ CO: Fortis; N.V. AMEV ST: IN: INS FIN SU: ERN


PS-SM -- NY029 -- 7915 09/10/92 10:29 EDT
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Date:Sep 10, 1992
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