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FORTIS & N.V. AMEV & AG GROUP REPORT RESULTS FOR FIRST HALF OF 1993; STRONG GROWTH IN OPERATING RESULT AND NET PROFIT

 UTRECHT, The Netherlands, and BRUSSELS, Belgium, Sept. 9 /PRNewswire/ -- Fortis, the international insurance and banking group representing the joint activities of N.V. AMEV and AG Group, and N.V. AMEV and AG Group today announced results for the six months ended June 30, 1993.
 Fortis recorded substantial growth in its operating result and net profit. First half net profit rose by 20 percent to ECU 226.7 million (US$263.6 million(A)). The operating result increased by 13 percent to ECU 218.9 million ($254.5 million). The increase in operating result was realized mainly in the Dutch life insurance and banking activities. CAIFOR in Spain also contributed to growth. As expected, the sale of the Generale de Banque shares also had a positive effect on profits which enabled Fortis to form reserves to cover reorganization expenses that can be expected in the near future.
 Fortis' total revenues increased 10 percent in the first six months, to ECU 4.7 billion ($5.5 billion) against ECU 4.3 billion ($5.0 billion) for the same period a year ago.
 Exchange rate movements had a favorable impact on the growth in total revenues and the result in the first half of 1993. Exchange rate movements excluded, the operating result and net profit rose by 8 percent and 15 percent, respectively. In view of the results realized thus far, Fortis is confident that it will generate a higher operating result and a higher net profit for 1993 when compared to 1992.
 For the first half of the year, N.V. AMEV, one of the parent companies of Fortis, reported a profit of NLG 278.9 million (US$147.8 million(A)), an increase of 14.1 percent, compared to NLG 244.4 million ($129.5 million) in the same period of 1992.
 Earnings per AMEV earnings per share of nominal value NLG 2.50 rose 13.2 percent to NLG 3.94 ($2.09) in the first six months of 1993 from NLG 3.49 -- adjusted ($1.85) in the first half of 1992. As a result of the issue of new shares in the form of stock dividend, the number of ordinary shares in issue has risen since the end of 1992 to 70,578,337 on June 30, 1993.
 AMEV shareholders' equity at June 30, 1993, rose by NLG 478 million ($253 million) to NLG 5.2 billion ($2.8 billion) from NLG 4.7 billion ($2.5 billion) at year-end 1992. The equity per share of nominal value NLG 2.50 increased to NLG 73.31 ($38.85) from NLG 67.44 -- adjusted ($35.74).
 AG Group also had a good first half year in 1993. The company's profits for the first six months of the year increased 20 percent to BEF 3,935 million (US$113.2 million(A)) from BEF 3,279 million ($94.3 million) for the same period in 1992.
 Earnings per AG Group share rose 20 percent to BEF 131.1 ($3.78) for the first half of 1993 from BEF 109.3 ($3.15) in the first half of 1992. As the result of warrants being exercised, an increase in capital was effected on June 3, 1993. The number of shares was increased to 30,007,618 as compared to 30,000,544 on Dec. 31, 1992.
 In the first half of 1993, AG Group's net equity rose by BEF 7,071 million ($203.4 million) to BEF 62,796 million ($1,806 million) on June 30, 1993, from BEF 55,725 million ($1,603 million) as of year-end 1992. Equity per share increased to BEF 2,093 ($60.20) as of June 30, 1993, from BEF 1,858 ($53.43) as of year-end 1992.
 Fortis is represented in the United States by Fortis, Inc., a company with 1992 revenues of $2.7 billion, net income of $134.8 million and shareholders' equity of over $800 million. Fortis, Inc.'s parent companies are Holland-based N.V. AMEV and Belgium-based AG Group. N.V. AMEV's ADRs trade over-the-counter on the NASDAQ system.
 (A) -- All figures have been translated into U.S. dollars at June 30, 1993, US$1 equals ECU 0.86 equals NLG 0.53 equals BEF 34.77.
 -0- 9/9/93
 /CONTACT: Meril Joseph of Fortis, Inc., 212-323-9806, or Robert P. Borchert of Edelman Worldwide, 212-704-8293/


CO: Fortis, Inc.; N.V. AMEV; AG Group ST: IN: FIN SU: ERN

GK-OM -- NY060 -- 0389 09/09/93 14:26 EDT
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Date:Sep 9, 1993
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