Belgo-Dutch insurance group Fortis has announced a 6% fall in annual profits, following it increasing its provision for bad debt.
The group also suffered a fall in income from its stock market activities.
These factors reduced net profits to £1.61bn, from £1.72bn the year before.
The profit fall is less than the 7% decline the company forecast last month due to the volatile market situation.
Chief executive Anton van Rossum commented that 2001 had been a turbulent year in which Fortis did not escape the effects of the economic slowdown.
Fortis stated it is to continue its policy of branch closures in Belgium and the Netherlands which could lead to 3,400 job losses.
However, it said its UK operation, Fortis Insurance, had enjoyed a strong year despite the difficult economic conditions.
