Ageas UK reports 81% rise in profits

by Richard Kilner

Story link: Ageas UK reports 81% rise in profits

Ageas UK has reported its interim financial results for the first six months of 2012, including pre-tax profits of £64.1m.

This is an 81% year-on-year rise from the £35.4m the firm made during H1 2011, and shows strong profits in Q2 following £22m pre-tax profits in Q1.

Total biannual income rose 5.6% to £1,042.9m, and non-life gross written premiums rose 5% to £906.3m.

Chief Executive Barry Smith said that he was particularly pleased with the firm’s strong profit and combined ratio performance during the first half of 2012.

The firm’s overall combined ratio was 98.8%, compared to 101.2% at the same time last year.

Smith went on to say that the firm would continue to focus upon working in partnership with brokers, advisers and clients to provide good customer service.