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FORTIS AND N.V. AMEV REPORT FIRST QUARTER RESULTS

 FORTIS AND N.V. AMEV REPORT FIRST QUARTER RESULTS
 UTRECHT, The Netherlands, June 11 /PRNewswire/ -- Fortis, the group


representing the joint activities of N.V. AMEV and AG Group, including insurance and banking products and financial services, and N.V. AMEV today announced results for the quarter ended March 31, 1992.
 Fortis reported a first quarter profit of ECU 73.3 million (US$91.2 million) (see note below), an increase of 17.8 percent, as compared to ECU 62.2 million ($77.4 million) for the same period in 1991. Group equity as of March 31, 1992, was ECU 3.4 billion ($4.2 billion), an increase of ECU 132 million, compared with ECU 3.2 billion ($4.0 billion) at year-end 1991.
 Fortis' total revenues increased 22.9 percent, in the first three months, to ECU 2.3 billion ($2.9 billion) in the first quarter of 1992 against ECU 1.9 billion ($2.4 billion) for the same period a year ago.
 For the first three months of 1992, N.V. AMEV reported a profit of NLG 96.5 million ($52.2 million), an increase of 10.7 percent, compared to NLG 87.2 million ($47.1 million) for the same period in 1991.
 Earnings per AMEV share rose 8.5 percent to NLG 1.40 ($.76) from NLG 1.29 ($.70) in the first three months of 1991. The number of shares increased by 1-2/3 percent due to the issue of new shares in the form of the optional dividend for 1990. Percentage growth in total profit was therefore higher than percentage growth in profit per share.
 AMEV shareholders' equity rose by NLG 179 million ($96.7 million) to NLG 4.8 billion ($2.6 billion) from NLG 4.7 billion ($2.5 billion) at year end 1991. Shareholders' equity per share of NLG 2.50 ($1.35) nominal value increased to NLG 70.43 ($38.07) from NLG 67.81 ($36.65) at year end 1991. The number of ordinary shares outstanding on both dates was 68,283,261.
 Fortis is represented in the United States by Fortis, Inc., a company with annualized revenues of $2.5 billion and shareholders' equity in excess of $650 million. Fortis, Inc.'s ultimate 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.
 NOTE: All figures have been translated into U.S. dollars using the following exchange rate: US$1 equals ECU .804 equals NLG 1.85.
 -0- 6/11/92
 /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; AG Group ST: IN: SU: ERN


SH-GK -- NY022 -- 9145 06/11/92 09:58 EDT
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Publication:PR Newswire
Date:Jun 11, 1992
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