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Daily Insurance Industry News
Sunday 20th of January 2019
March 9, 2011

Ageas results hit by winter weather

by Richard Kilner

Story link: Ageas results hit by winter weather

Ageas UK has reported its financial results for 2010, including a 27.2% rise in total income, compared to 2009, to £1,035.2m.

However, the firm did make a loss of £24.8m for the year, after the exclusion of bad weather events and one-off costs.

Ageas UK recorded a pre-tax profit of £51.5m, excluding bad weather events and one-off costs, up from the £17.3m pre-tax profit of the previous year.

The firm saw substantial growth in Non-Life Commercial lines, with gross written premiums rising by 33%, and £86.6m of gross written premiums delivered due to the Tesco underwriting partnership, which was launched in October.

The year also saw a 90% rise in Protection customers to 120,000, and the firm become the UK’s 4th largest Personal Lines broker (following the integration of Kwik Fit Insurance Services).

Chief Executive Barry Smith stated that the firm’s fundamentals were strong and that progress had been made over the course of the year.

Smith did concede that the firm, like many others, had been hit by the extremely cold and prolonged winter weather and expressed his confidence about the coming year.

 

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