Ageas: life insurance up 20.5% in Q3

Although the year to date net profit was £64.8m compared to £73.7m at 9M 2013, they saw a Q3 net result of £38.5m compared to £24.6m in 2013.

Household income remained broadly flat at £253.3m (9M 2013: £254.4m), supported by growth of Ageas’s new wider product range. Despite the weather impact in the first quarter, Ageas’s average premiums for Household continued to remain flat, against the background of lower rates in the market.

Life protection saw a total GWP inflow increase of 20.5% to £80.9m (9M 2013: £67.2m) driven by the company’s approach to technology and product innovation. New Annual Premiums increased by 16% to £26.6m (9M 2013: £22.9m).

Ageas Protect’s post tax result was a profit of £1.6m compared to a loss of £1.5m for the same period last year as the business continues to grow and build scale.

Andy Watson, Chief Executive of Ageas UK commented:

“I’m pleased to report that we’ve seen a strong third quarter result, continuing our recovery from the impact of the weather earlier in the year and despite lower average premiums in the market.

"Our ability to turn this around against the current tough market conditions, while maintaining our underwriting discipline and delivering significant changes within our business, show that we remain in good shape.

"Significant progress continues on the integration of our two insurance businesses, while we are taking action to improve expenses and build long term growth within our Retail business.

"Our brokers, partners and customers continue to recognise the high levels of service we provide and I’m very proud that we have now achieved the Investors in Customers ‘Exceptional’ accreditation for customer satisfaction.”