Ageas UK reports Q1 results
Ageas UK has reported a strong start to the year in its financial results for the first quarter of 2011.
Total income increased by 75% compared to the corresponding period last year, and rose to £411m.
Similarly, non-life gross written premiums were up 74.5% to £402.2m, and new annual protection premiums rose by 23.6% to £6.7m.
Non-life commercial lines saw gross written premiums rise by 23.7% and the number of protection customers soared by 68% to 135,000.
Profits before tax came in at £3.8m, a rise of £7m and almost a mirror image of the pre-tax losses incurred in Q1 2010.
Chief Executive Barry Smith stated that the firm continued to make progress in widening the breadth of its products via different distribution channels.
In 2010 Ageas reported an annual loss of £24.8m, with Chief Executive Smith conceding that the firm had been hit by the prolonged winter weather.
Category: Ageas News, Financials, Insurance News
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