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FORTIS, N.V. AMEV & AG GROUP REPORT FIRST QUARTER RESULTS

 UTRECHT, The Netherlands and BRUSSELS, Belgium, June 10 /PRNewswire/ -- Fortis, the group representing the joint activities of N.V. AMEV and AG Group, including insurance and banking products and financial services, N.V. AMEV and AG Group today announced results for the quarter ended March 31, 1993.
 Fortis reported a first quarter profit of ECU 85.1 million (US$ 101.3 million(A)), an increase of 14 percent, as compared to ECU 74.5 million (US$88.7 million) for the same period in 1992. Group equity as of March 31, 1993 was ECU 3.5 billion (US$4.2 billion), an increase of ECU 176 million, compared with ECU 3.3 billion (US$4.0 billion) at year- end 1992.
 Fortis' total revenues increased 15 percent in the first three months, to ECU 2.5 billion (US$3.0 billion) in the first quarter of 1993 against ECU 2.2 billion (US$2.6 billion) for the same period a year ago.
 For the first three months of 1993, N.V. AMEV reported a profit of NLG 108.4 million (US$58.9 million), an increase of 10.7 percent, compared to NLG 97.9 million (US$53.2 million) for the same period in 1992.
 Earnings per AMEV share of NLG 2.50 nominal value rose 9.2 percent to NLG 1.55 (US$0.84) in the first quarter of 1993 from NLG 1.42 (adjusted) (US$0.77) for the same period in 1992.
 AMEV shareholders' equity rose by NLG 297 million (US$161 million) to NLG 5.0 billion (US$2.7 billion) from NLG 4.7 billion (US$2.6 billion) at year end 1992. Shareholders' equity per share of NLG 2.50 (US$1.36) nominal value increased to NLG 71.92 (US$39.09) in the first quarter 1993 from NLG 67.64 (US$ 36.76) at year end 1992. The number of ordinary shares in issue numbered 69,421,315 both on March 31, 1993 and on Dec. 31, 1992.
 AG Group also had a good first quarter in 1993. The company's profits for the first three months of the year increased 12.1 percent to BEF 1,374 million (US$40.7 million) from BEF 1,226 million (US$36.3 million) for the same period in 1992.
 Earnings per AG Group share rose 12.1 percent to BEF 45.8 (US$1.36) for the first quarter 1993 from BEF 40.9 (US$1.21) in the first quarter 1992. The number of ordinary shares in issue numbered 30,000,544 both on March 31, 1993 and on Dec. 31, 1992.
 In the first quarter of 1993, AG Group's net equity rose by BEF 3,553 million (US$105.3 million) to BEF 59,278 million (US$1,756 million) as of March 31, 1993 from BEF 55,725 million (US$1,651.1 million) as of year-end 1992. Equity per share increased to BEF 1,976 (US$58.55) as of March 31, 1993 from BEF 1,858 (US$55.05) as of year-end 1992.
 In 1992, Fortis, Inc. recorded revenues of $2.7 billion, net income of $138 million and shareholders' equity of over $800 million. It has approximately 6,000 employees. Fortis, Inc.'s parent companies are Holland-based N.V. AMEV and Belgium-based AG Group. AMEV's ADRs trade over-the-counter on the NASDAQ system.
 (A) All figures have been translated into U.S. dollars using the following exchange rates: US$1 equal ECU .84 equal NLG 1.84 equal BEF 33.75.
 -0- 6/10/93
 /CONTACT: Meril Joseph of Fortis, Inc., 212-323-9806, or Robert C. Hubbell of Edelman Worldwide, 212-704-8255, for Fortis, Inc./


CO: Fortis, Inc. ST: New York IN: INS FIN SU: ERN

LR-OS -- NY018 -- 4445 06/10/93 10:11 EDT
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Date:Jun 10, 1993
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