Ageas posts Q1 pre-tax loss despite strong growth

clock • 1 min read

Ageas Protect has seen strong growth protection business in the first quarter of the year but reported a pre-tax loss.

The provider reported a 23.6% rise in new annual protection premiums to £6.7m (Q1 2010 £5.4m) with gross written premiums doubling to £8.8m (£4.4m).

However it still posted a first quarter pre-tax loss of £800,000 despite seeing its customer base grow by 68% to 135,000 over the same period last year.

The growth in new premiums and customers reflected the continued nationwide roll-out to advisers and the insurer now claims a 6.4% IFA market share.

Martin Werth, managing director of Ageas UK, commented: "A year ago our sales mix biased towards non advised sales. Now the bias is over 80% advised. We are starting to crack the IFA market and I am confident we are going in the right direction."

Overall, the company, which includes a general insurance arm, saw total income up by 75% to £411m and its pre-tax profit rise by £7m to £3.8m, following its loss during the same period last year.

Barry Smith, chief executive of Ageas UK, said: "We continue to see strong progress in the delivery of our strategy to increase the breadth of our products through different distribution channels.

"In the first quarter, Ageas UK has delivered a strong combination of high levels of growth coupled with improving profit performance," he added.

More on Insurer

New group CRO for Swiss Re

New group CRO for Swiss Re

Bernhard Kaufmann takes the role

Cameron Roberts
clock 22 April 2025 • 1 min read
PartnerRe joins ABI

PartnerRe joins ABI

Over 300 members

Cameron Roberts
clock 17 April 2025 • 1 min read
Guardian upgrades critical illness cover

Guardian upgrades critical illness cover

Update to cancer definition

Jaskeet Briah
clock 16 April 2025 • 3 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read