Eureko May Postpone Market Listing

Eureko, the pan-European consortium of insurers, has indicated that its plans to list its shares on several European stock markets may have to be postponed, due mainly to the fall in profits from asset management activities.

London’s Financial Times quoted Arnold Hoevenaars, Eureko’s CEO, as indicating that, “We are as committed as ever to being listed on one of Europe’s major stock exchanges. At the same time it is also very true that the difficult market environment we faced in 2001 – and are still facing in the beginning of 2002 – meant that some of Eureko’s accomplishments will require a longer period before confirming its value-creation potential. Our preparation for a listed status is thus likely to take longer than anticipated.”

Eureko’s net profits fell by 60 percent in 2001 to $187 million from $464 million in 2000.