Belgian insurer Fortis has recorded annual net profit of €1.19 billion ($1.79 billion) as it rebounds to profitability after a perilous 2008.

Fortis insurance operations contributed net profit of €456 million ($685 million), while income from non-life operations reflected higher claims at €74 million ($111 million).

Overall results were a significant improvement on 2008, when Fortis recorded a massive €28 billion ($42 billion) loss. However the combined ratio remains a concern at 105.1%.

Following a troubled past 18 months, CEO Bart De Smet says the company is now in a much stronger position.

“This past year has been one of significant change for our company,” he said. “We made a number of important decisions regarding the future development of the company and ended the year in a much more stable and stronger position.”

In October 2008, Fortis was carved up by the governments of Belgium, the Netherlands and Luxembourg after an €11.2 billion ($16.8 billion) bailout failed to stop the company’s value from being wiped out on the stock market.

The company has also announced a plan to rebrand next month under the new name of Ageas, deriving from the Latin for “agree”, meaning “action, drive and a conviction to forge ahead”.