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FORTIS AND N.V. AMEV REPORT YEAR END RESULTS

 THE NETHERLANDS, April 15 /PRNewswire/ -- Fortis, a group representing the joint activities of N.V. AMEV and AG Group, including insurance and banking products and financial services, as well as N.V. AMEV today announced results for the year ended Dec. 31, 1992.
 Fortis recorded very good results in 1992, a year in which total revenues, operating result and profit all increased. This growth was achieved in all the countries in which Fortis is active and in all the sectors in which the group operates, with the exception of non-life insurance. Banking and life insurance in particular made a significant contribution. The full-year projection expressed at the beginning of December (slightly higher operating result and profit) has been more than achieved; under the accounting principles on which that forecast was made, Fortis has reported a rise in operating result of 7.6 percent and an increase in profit of 11.1 percent.
 As a result of Fortis' decision to modify its accounting principles, less profit was recorded in 1992 from the sale of fixed-interest investments. Net profit rose 4.4 percent and operating results increased 8.7 percent. Figures for both 1992 and 1991 reflect this change in accounting principles.
 Fortis reported a year-end profit of ECU 419 million (US$506 million see note), an increase of 4.4 percent, as compared to ECU 402 million (US$486 million) for the same period in 1991. Group equity as of Dec. 31, 1992 was ECU 3.34 billion (US$4.04 billion) compared with ECU 3.22 billion (US$3.89 billion) in 1991.
 Fortis' total revenue increase 16.7 percent to ECU 8.4 billion (US$10.2 billion) in 1992 as compared to ECU 7.2 billion (US$ 8.7 billion) for the same period a year ago.
 The results of enterprises in the financial services sector are hardly likely to benefit from the difficult economic situation or the fierce competition. However, Fortis has taken steps to strengthen its position and improve the profitability of its activities. Fortis expects its operating result and net profit for 1993 to at least equal the 1992 figures, barring major exchange rate fluctuations and exceptional circumstances.
 For 1992, N.V. AMEV reported a profit of NLG 532.4 million (US$293 million), an increase of 1.6 percent, compared to NLG 524.1 million in 1991 (US$289 million).
 Per share profit amounted to NLG 7.64 (US$4.21) from NLG 7.62 -- adjusted -- (US$4.20) in 1991.
 AMEV Shareholders' equity rose by NLG 89 million (US$50 million) to NLG 4.7 billion (US$2.60 billion) from NLG 4.6 billion (US$ 2.55 billion) at year end 1991. Shareholders' equity per share of NLG 2.50 nominal value (US$1.38) increased to NLG 67.64 (US$37.28) as of Dec. 31, 1992 from NLG 67.34 -- (US$37.12) adjusted -- at year end 1991.
 The number of AMEV ordinary shares outstanding is 69,421,315 as compared to 68,283,261 in 1991. The increase reflects the issue of new shares in the form of a stock dividend for 1991.
 Fortis is represented in the U.S. by Fortis, Inc., a company with 1992 revenues of $2.7 billion, net income of $134.8 million and shareholders' equity of over $800 million and has approximately 6,000 employees. Fortis, Inc.'s parent companies are Holland-based N.V. AMEV and Belgium-based AG Group. N.V. AMEV's ADRs trade over-the-counter on the NASDAQ system.
 Note: All figures have been translated at a Dec. 31, 1992, rate of ECU 1 = US$ 1.2085, NLG 1 = US$ .5530.
 -0- 4/15/93
 /CONTACT: Meril Joseph of Fortis, Inc., 212-323-9806, or Matthew J. Harrington of Edelman Worldwide, 212-704-8103, for Fortis/


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

KD-SM -- NY018 -- 6082 04/15/93 09:48 EDT
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Date:Apr 15, 1993
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