Ageas increases income and profit

by Gill Montia

Story link: Ageas increases income and profit

Ageas achieved an 11.1% year-on-year rise in total income in the first quarter of 2012, with gross written premiums (GWP) increasing to £513.3 million.

Non-Life GWP rose by 10.8%, to £445.5 million, and protection GWP increased 71.2%, to £15 million.

For the first three months of the year, profit before tax stood at £22 million (Q1 2011: £3.8 million) and the insurer reported continued progress in its multi-distribution and product strategy, with strong organic growth within both Ageas Insurance and Tesco Underwriting.

Announcing the results, chief executive, Barry Smith, commented: “We continue to build on our transformational growth of 2011 with strong increases in income and profit.

“Our strategy of working very closely with our brokers, affinity partners and Independent Financial Advisers to offer quality products and service to customers continues to pay off.”