Underlying business healthy at Ageas, says CEO Watson
Insurer boss admits results have been dominated by three exceptional items.
Andy Watson, chief executive of Ageas UK has stressed that the insurer's business is in good shape as it posted a loss of €56m [£47.45m] for 2016.
The red ink was caused mainly by a €109.5m deficit for the fourth quarter of the year.
"The results are dominated by three exceptional one-off items," Watson insisted listing the impact of the proposed changes in the discount rate - also known as the Ogden rate - a deterioration in a special risks account and the cost of the closure of the site in
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