Insurance Industry Reports

Ageas Insurance Net Profit Grows To £46.2M In Q3 2015


Ageas posted a net profit of £46.2m for the nine months to the end of September 2015 compared to the £43.9m it recorded for the same period last year.

The insurer said the result reflected a better performance in household and its commercial lines business with brokers as a result of increased focus and clarity of propositions.

Ageas ’s gross written premium (GWP) for the first nine months of this year was £1.05bn (9M 2014: £1.08bn).

The provider said in personal lines, motor (private car and commercial vehicle) income fell to £642.1m (9M 2014: £645.5m), while household income dropped to £231.6m (9M 2014: £253.3m)

Commercial and special risks inflows increased by 5.7% to £143.8m (9M 2014: £136.1m) as a result of the good performance of special risks and stronger new business growth in the last quarter on fleet and traded SME accounts, according to Ageas Insurance.

Its combined operating ratio for the first nine months of 2015 improved to 98.3% compared to 99.3% for the same period last year.

For Ageas UK as a whole total income for the first three quarters of this year fell to £1.48bn (9M 2014: £1.54bn).

Andy Watson, chief executive of Ageas UK, said: “I’m pleased to that we’ve delivered another solid quarter’s performance in a challenging market.

“When you look at our underlying result, we’ve remained stable year-on-year.”

He added: “Brokers and partners continue to choose Ageas as their preferred partner of choice, evidenced by the recently secured 10 year deal with Age UK, as well as the launch of a new home and motor proposition with Virgin Money.”




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