Ageas Protect has reported a 17% decrease in its annual premiums reflecting a ‘continued subdued market in individual protection.'
The insurer's year end results for 2013 showed new Annual Premiums decreased by 16.6% to £30.1m (FY 2012 £36.1 million)
However, it continued to grow with total Gross Written Premiums (GWP) inflow increasing by 32.3% to £91.8 million (FY 2012 £69.4 million).
Ageas Protect also reported a post-tax loss of £1.8 million compared to £0.1 million for the same period last year.
However the firm said this "was in line with expectations, recognising the additional costs of financing the continued growth of the business."
The company now protects around 305,500 lives, an increase of 15% over the same period in 2012.
Growth has been heavily driven by the company's approach to underwriting and technology, high levels of service and product innovation, the insurer's statement said.
Last year the business launched several products including Personal Life of Another through its existing YourLife Plan and Low Start products; a new Business Protection product range; and an enhanced critical illness product.
Overall Ageas UK increased its net profit by 2.8% to £85.2 million (FY 2012: £82.9 million). Its overall combined ratio improved by 98.4% (FY 2012 99.8%.) Total income increased by 5.2% to £2,116.8 million (FY 2012: £2,011.4 million)
Andy Watson, chief executive of Ageas UK said: "It's been another good year for Ageas, delivering improvements in our income, profit and combined ratio. The integration of Groupama Insurance Company Limited has gone very well and we're delighted that brokers are able to take advantage of the wider product choice now available to them, alongside the quality service that they continue to recognise us for.
"We've maintained our underwriting discipline as rates have come under pressure throughout the year and we are in good shape for 2014."
