Ageas Protect sells to AIG for £197m

clock

Ageas has completed its sale of Ageas Protect Limited for £197m to American International Group (AIG).

The price of £197m was an increase of £16m on the price announced in August 2014.

Ageas Protect currently has a share of over 5% of the UK protection market, having been launched in July 2008.

The most recent quarterly results for Ageas Protect revealed it had made a profit of £1.6m and an increase of 16% in New Annual Premiums.

Ageas will now focus on developing its Non-Life positions, including its motor insurance and general insurance offerings.

Ageas' non-life business before the sale had formed 96% of the company's business.

Premiums for Ageas Protect in 2013 were £91.8m, having grown from £8.8m in 2008, and it currently employs over 220 people

Andy Watson, CEO of Ageas UK, said: "The Ageas Protect team have achieved an enormous amount since start up six years ago. The business is now an established presence in the UK protection market with a strong reputation for innovative products, cutting edge technology and great customer service.

"As we continue to focus on our Non-Life business where we have considerable scale and hold significant market positions, we wish the Protect business well for the future, confident that their employees are going to a good home."

More on Insurer

Iress adds Zurich to The Exchange platform

Iress adds Zurich to The Exchange platform

Adopts ex-smoker questions

Jaskeet Briah
clock 24 October 2024 • 1 min read
IFoA names new CEO

IFoA names new CEO

Paul Lewis to take position

Jaskeet Briah
clock 18 October 2024 • 1 min read
L&G updates leadership team

L&G updates leadership team

Laura Mason and Katie Worgan added

Cameron Roberts
clock 16 October 2024 • 2 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