Insurance Age

Profits up one-third at Ageas

Barry Smith chief executive Ageas UK
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Ageas UK has reported a 36.4% increase in pre-tax profit to £106.7m for the first nine months of 2012.

Total income also rose reaching £1.54bn, up from £1.52bn in the comparable period of 2011.

For general insurance business, Ageas Insurance's gross written premiums came in at £854m (9M 2011: £822.5m) with motor income up 15% to £489.7m. The motor COR also improved to 94% (9M 2011 96.4%).

However household income decreased by 9.7% to £209.2m.

Travel also fell, to £34.9m (9M 2011: £49.2m), with commercial and special risks GWP increasing by 3.8% to £120.2 million (9M 2011: £115.8 million).

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