Argenta has reported that assets under management (AUM) for its investment products increased by 3.3% to €36.4bn in 2013.
According to the Belgian bank sales of structured notes, mutual funds and life-insurance products, combined with a good performance of the stockmarkets and a growth in traditional savings products, were the reason behind the rise.
“Because of the strong retail funding, Argenta is no longer dependent on the money and capital markets to finance its operations,” the bank said.
SRP data
Argenta launched 17 structured investment products last year, including 13 structured notes with sales of €135m and four unit-linked life insurance products worth €38.5m.
The capital protection of Argenta’s structured notes – which were issued via SecurAsset, a special purpose vehicle under Luxembourg law – is provided by Argenta Spaarbank, while BNP Paribas is the derivatives counterparty.
For its unit-linked life insurance products Argenta is collaborating with another French bank – the Branch23 wrapped products are issued via SG Issuer, while Société Générale acts as the guarantor of the securities issued.
General results
The Argenta group made a record net profit of €157.3m in 2013, up 43% from 2012.
The basis for the record profit was both the strong commercial results and margins as well as continued cost controls, Argenta said. Sales of investment products (+14%), mortgages (+15%), insurance (+11%) and term life coverage (+28%) all grew in 2013. Only sales of life insurance products with fixed interest decreased, in line with the current market trend (-52%).
“The annual results for 2013 show that Argenta has done exceptionally well. We can speak of an operational top result without precedent,” said John Heller, chief executive of Argenta. “The firm basis on which these results were achieved is a guarantee for further growth as an independent family business.”
Click to read about the Argenta results for 2013 in Dutch or French.