Profit drops 68% at Ageas UK in H1 2017
Gross written premium fell 10% in the period to €1.07bn.
Ageas UK has reported a 68% fall in profit for the first half of 2017 to €11.2m [£10.2m] from €34.8m in the first half of last year.
The insurer highlighted that it had been hit by the adjustment to the Ogden rate. It detailed that the negative impact of the rate change amounted to €31m.
The provider predicted a further negative effect of between €10m and €15m on the net result in the second half of this year.
Ageas said action had been taken to mitigate the negative impact of Ogden on its
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