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Daily Insurance Industry News
Monday 23rd of April 2018
August 24, 2011

Ageas reports surge in biannual profits

by Richard Kilner

Story link: Ageas reports surge in biannual profits

Ageas UK has reported its financial results for the first half of the year, including pre-tax profits of £35.4m.

This is a fourfold increase on H1 2010, and shows a remarkably strong second quarter after pre-tax profits of £3.8m in Q1.

Total income rose by 84.5% to £882m, with non-life gross written premiums up 84.2% to £862.8m.

The first half of the year also saw Ageas become the 4th largest Personal lines broker in the UK, thanks to the integration of Castle Cover into Retail activities.

Chief Executive Barry Smith described the biannual results as very encouraging, enabling the firm to achieve record growth and strong profits in the first six months of 2011.

Smith went on to say that the firm’s Retail operations had been doubled by the integration of Kwik Fit Financial Services and Castle Cover.

 

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