Ageas UK's first quarter 2012 results show protection sales' gross written premiums up 71.2% to £15.0m and new annual premiums up 34.3% to £9m compared with the same period last year.
The insurer also announced a 56% growth in customer numbers for protection sales. This continued growth was put down to a roll out of the company's protection proposition to an increasing number of IFAs and new affinity partnerships over the last year.
Total income at the insurer was up 11.1% to £513.3 million compared to Q1 2011. Profit before tax has risen to £22.0m (Q1 2011: £3.8m)
Barry Smith, chief executive of Ageas UK commented: I'm really pleased with progress in the first few months of 2012 in what is typically a tough quarter. 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.
"The market is not without its challenges given the current economic and regulatory environment but our balance of underwriting and distribution across Ageas UK means that, overall, we are in good shape to continue to deliver profitable growth."
